The Reserve Bank of India (RBI) has constituted a five-member standing external advisory committee to evaluate license applications for universal and small finance banks. The committee, with a tenure of three years, will be chaired by former RBI Deputy Governor MK Jain. Other members include Ms. Revathy Iyer, Director, Central Board, RBI; Ms. Parvathy V Sundaram, former Executive Director, RBI; Hemant G Contractor, former Managing Director, State Bank of India, former Chairman, Pension Fund Regulatory and Development Authority; and NS Kannan, former Managing Director and CEO, ICICI Prudential Life Insurance Company Limited.