Major Indian Conglomerates Line Up For Bank Licenses
Bangalore: The Reserve Bank of India received 26 applications for the bank licenses it plans to issue. Among the applicants there were few of the hot shot Indian companies like Tata Sons, Aditya Birla Nuvo, L&T Finance Holdings and Reliance Capital etc.
The Reserve Bank’s headquarter was crowded with many unusual visitors on 1st May, the last date of submitting forms for the bank licenses.
Three years ago, India had declared that it would permit industrial groups and state-run companies to start banks in the country. The decision was taken with an aim of providing financial services to millions of Indians.
Among the unusual entries were the Noida-based Smart Global Ventures and Gurgaon based INMACS Management, an advisory services firm. Other participators were UAE Exchange and Suryamani Financing, part of the Kolkata-based Pawan Kumar Ruia group. Among the public sector entities were the Department of Posts, Tourism Finance Corporation and IFCI, a government-owned financial institution. Micro finance institutions like Bandhan Financial Services, Janalakshmi Financial Services too expressed their intention to set up a bank.