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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRelated articles:
India’s ICICI Bank plans foreign and home expansion
State Bank of India launches pre-paid card aimed at unbanked
