The Reserve Bank of India released its final guidelines for issue of licences to new banks in private sector on Friday.

The apex bank said that entities/groups in private sector, public sector and NBFCs are eligible for seeking bank licence.

New banks will have to set up 25 percent of its branches in unbanked rural areas, RBI said. RBI has also set a 49 percent cap on foreign holding in new banks and minimum paid-up equity capital at Rs 500 crore.

“Private firms with sound credentials and integrity and 10 years of successful business are eligible to get bank licence,” it said. Last date to apply for new bank licences is July 1.