• The Reserve Bank of India (RBI) has set up a five members standing external advisory committee (SEAC) to evaluate applications for “on-tap” licensing of universal banks and small finance banks (SFBs).
• The committee will be chaired by the former RBI deputy governor Shyamala Gopinath. The panel will have a tenure of three years. 

Other members include

• Revathy Iyer – Director, central board, RBI
• B Mahapatra – Former executive director, National Payments Corporation of India
• T N Manoharan – Former chairman, Canara Bank
• Hemant G Contractor – Former MD, State Bank of India, and former Chairman, Pension Fund Regulatory and Development Authority.
• The applications will be first evaluated by the RBI to ensure prima facie eligibility of the applicants, after which the newly formed committee will evaluate the applications.