After RBI nod, scramble for banking licences begins

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SummaryWith the Reserve Bank of India having opened up the field for banking licences, large business conglomerates and non-banking finance companies are getting cracking with their applications.

as a leading financial services conglomerate,” said Ajit Mittal, group executive director, Indiabulls Group.

Public sector major Power Finance Corporation (PFC) had also hired Deloitte to help it evaluate various options for diversifying into new businesses, including applying for a new bank licence, as the state-run lender fears its current business model may not be sustainable in the long run.

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