Minister of Finance Bezalel Smotrich and Bank of Israel Governor Prof. Amir Yaron have established an inter-ministerial team to strengthen competition in the banking sector. The team aims to remove obstacles preventing new players from entering the market and develop additional activities by existing players. They have set a deadline of April 2025 for the team to submit recommendations. One of the main goals is to design a framework for tiered banking licenses, allowing non-bank entities to offer deposits and credit. The move is expected to expand consumer choice and lower financing costs for households and small businesses.