Mumbai– The Reserve Bank’s committee for evaluating applications for universal as well as small finance banks will be chaired by its former Deputy Governor Shyamala Gopinath.

According to the RBI, besides Gopinath, four other members are part of the ‘Standing External Advisory Committee’ (SEAC) including Revathy Iyer, Director, Central Board, RBI, B. Mahapatra, former Executive Director, RBI and presently Chairman, NPCI, T.N. Manoharan, former Chairman, Canara Bank and Hemant G. Contractor, former MD, SBI and former Chairman, PFRDA.

Earlier, the RBI had stated that a SEAC comprising eminent persons with experience in banking, financial sector and other relevant areas, will evaluate the applications.

“The tenure of this SEAC will be for three years,” the RBI said in a statement.

“The secretarial support to the committee would be provided by the Department of Regulation, Reserve Bank of India.” (IANS)