<h1>RBI Issues Guidelines for New Private Banks: Applications Due July 1, 2013; In-Principle Approvals Expected Early 2014.</h1> The Reserve Bank of India (RBI) has issued guidelines for establishing new private sector banks, with applications due by July 1, 2013. A total of 26 applications were received. Initially, the RBI will screen applications for eligibility and applicant suitability, followed by evaluation by a High Level Advisory Committee. In-principle approvals are anticipated by early 2014. The guidelines include safeguards to address conflicts of interest, such as fit and proper criteria, corporate structure requirements for Non-Operative Financial Holding Companies (NOFHC), restrictions on promoter group exposure, and governance standards mandating a majority of independent directors on bank boards.