Explanation:

• India’s central bank, the Reserve Bank of India (RBI) has set up a 5-member internal working group (IWG) headed by its Central Board Director Prasanna Kumar (PK) Mohanty to review ownership guidelines and corporate structure for private banks in light of recent developments in the banking sector.
The committee is due to submit its report by 30th September 2020.
• The RBI has asked the panel to review the guidelines and licensing regulations regarding ownership, promoters’ holding, requirement of dilution, control and voting rights in private banks.
• In addition, the group will examine and review the eligibility criteria for individuals or entities which/who apply for a banking license.
• Similarly, after issuance of the license at the initial/licensing stage, the Panel will look into the existing provisions relating to the promoter’s shares and make appropriate recommendations.
• The IWG will also examine the present regulations on holding of financial subsidiaries through a non-operative financial holding company (NOFHC) and suggest solutions of migrating all banks to a uniform regulation.