FinMin favours real estate, broking firms to set up banks

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FinMin favours real estate, broking firms to set up banks. (Reuters) FinMin favours real estate, broking firms to set up banks. (Reuters)
SummaryFirewall has been proposed to avoid undue influence of bank CEO to lend to the group companies.

to lift the ban on setting up of new financial services entities under the NOFHC for at least three years from the date of commencement.

It has also favoured RBI's proposal of opening 25 per cent of branches in unbanked areas of the country.

"The bank shall open at least 25 per cent of its branches in unbanked rural centres (population up to 9,999 as per 2001 census) to avoid over concentration of their branches in metropolitan areas and cities which are already having adequate banking presence," the draft guidelines had said.

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