Over dozen corporates, PSUs queue up for banking licences
More than a dozen corporates, including big names such as Aditya Birla Group, M&M, L&T, as well as state-owned PFC, LIC and India Post, will appl to the Reserve Bank for licence to open banks.
While announcing comprehensive guidelines for new bank licences two days ago, the RBI said interested entities can file their applications by July 1.
Other entities keen to enter the banking space are IFCI, Shriram Group, Religare, ADA Group, Srei Infra, India Infoline Ltd and IndiaBulls Ltd. Reliance Industries Ltd and Tata Group, which are speculated to be mulling entry into the banking space, have remained tight-lipped about their plans.
Power Finance Corporation (PFC) Chairman and Managing Director Satnam Singh has said the company would seek approval for entering into banking space in the next board meeting.
"We qualify in both the categories...either we can set up a bank or convert ourselves into a bank," he said.
Larsen & Toubro spokesperson said the group would be interested in applying for new bank licence.
Commenting on the norms, non-banking financial entity Shriram Capital Chairman Arun Duggal said RBI has come up with comprehensive guidelines.
"We remain interested in foraying into the banking space and promoting financial inclusion," Duggal said, adding that the Group has required capital to enter in the banking sector.
As per the new norms, entities with a minimum track record of 10 years would be eligible for licence after clearance from sector regulators, enforcement, investigative agencies such as I-T Department, CBI and ED.
The minimum paid-up capital for
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