The Reserve Bank of India has announced it received 26 applications for banking licences, including applicants from Tata, India’s largest business group.
Despite the disclosure of the applicants India’s central bank has not made clear how many new licences will be issued, or to whom.
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The information was posted on The Reserve Bank of India’s website after the deadline for applying for a licence passed today.
Reliance Capital has applied for a banking licence along with Japan’s biggest life insurer Nippon Life Insurance and Sumitomo Mitsui Trust Holdings.
India Post and IFCI are two public sector institutions who have applied for the licence as well as Bandhan Financial Services and Janalakshmi Financial Services, two micro-finance firms.
The Reserve Bank of India issued guidelines for ‘Licensing of New Banks in the Private Sector’ on 22 February and came out with clarifications in the first week of June.
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