The decision to allow corporates to apply for new bank licences is in the interest of the country, Reserve Bank of India (RBI) Governor D Subbarao said.

Mr. Subbarao said corporates were allowed to apply for new licences after much debate and deliberation.

Speaking on the topic, he said, "We debated extensively on the matter and the decision to allow corporates to apply for bank licences was done in the national interest."

He was speaking on the `Changing role of RBI' at an occasion on Wednesday to mark the grand finale of the Reserve Bank Staff College's year-long golden jubilee celebrations.

On the need to implement global banking norms, he said there was no way Indian couldn't implement Basel III norms as Indian banks expanding in foreign lands and foreign banks setting up operations in India.

Mr. Subbarao stressed that banks would have to learn to manage policy in a globalized world, pointing out that the financial crisis hit every country of the globe over the past five years. He added that banks would have to be accountable before demanding autonomy.

Banks have been asked by the central bank to implement Basel III norms from the 1st of April this year.