New Delhi: Reserve Bank of India is working on new set of guidelines to issue banking licences to applicants who want to open differentiated banks, Financial Services Secretary G.S. Sandhu said after briefing Finance Minister Arun Jaitley. “We are closely working with the RBI now on this area and hopefully in the next few months RBI will start inviting applications,” he said. The new licences will be on-tap basis and the guidelines are likely to be in place within next four-five months, he said. Sandhu said, “We want to have more of differentiated bank, not universal banks everywhere, all the existing banks are mostly universal banks.” Differentiated banks will include payment banks that will deal with payments and will invest only in the government securities, wholesale banks that will provide money to big infrastructure projects and also retail banks.