Mumbai: The Reserve Bank of India (RBI) has appointed Ravi Narain, vice-chairman at National Stock Exchange (NSE), as a member of the external advisory committee to evaluate applications for small finance banks.

Narain replaces M. S. Sahoo, who has opted out of the committee after he was appointed a member of the Competition Commission of India (CCI), the central bank said.

Small finance banks will provide savings products and credit to small businesses, and small and marginal farmers. Seventy two firms had applied to the RBI to start small banks, the central bank had said in February.​