In a statement, the RBI said the EAC for the small finance banks will be headed by former RBI deputy governor Usha Thorat. The other members are MS Sahoo, secretary of the Institute of Company Secretaries of India (ICSI), MS Sriram, professor at IIM Bangalore and distinguished fellow of the Institute for Development and Research in Banking Technology (IDRBT), and M Balachandran, chairman of the National Payments Corporation of India (NPCI).

The EAC for the payments banks will be headed by Nachiket M. Mor, director of the Central Board of RBI. The other members are Roopa Kudva, former managing director and Chief Executive Officer, CRISIL Limited, Shubhalakshmi Panse, former chairman and Managing Director of Allahabad Bank, and Deepak Phatak, Chair Professor at IIT Bombay.

According to RBI, 72 applications have been received for setting up small finance banks and 41 applications for payments banks.

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