Connect with us

Hi, what are you looking for?


Licenses ‘on tap’ basis

The new bank permits may be awarded to each category of applicants and subsequently such licences could be handed out ‘on tap’ basis. Reliable sources said initially the RBI may issue three new bank licences – to a corporate house, to a non-banking financial company and to a microfinance company. However, the screening process is still on. As many as 26 companies had applied for new bank permits last year, including a mix of public sector entities, along with private sector conglomerates. Two – Tata Sons and Value Industries, a Videocon group entity – had withdrawn their applications. Anil Ambani’s Reliance Capital and Aditya Birla Nuvo are the two contenders from the corporate world. The source said the actual award of licenses may happen only in the second quarter of this financial year. The Bimal Jalan committee on new bank licences is scheduled to meet on 10 February to screen applicants. Jalan had earlier said the committee would require at least three months to finalize its report, indicating that licence would not be issued in January 2014.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.