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Earlier this year India’s central bank said it intended to issue new banking licences, as part of its plan to expand the country’s financial sector, especially in rural areas.

As the deadline for applications approaches many big firms are expected to be in the race, but they will need to meet tough conditions set by the Reserve Bank of India.

Sameer Hashmi reports

Visit BBC News to watch the video – A banking revolution in rural India? http://bbc.in/129IurF