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Several more new generation private banks to come up
February 26, 2010
New Delhi: The country is likely to get several more new generation private banks with the finance minister announcing that RBI is considering new bank licenses to promoters in the private sector and also NBFCs if they meet RBI eligibility criteria.
A host of Indian corporates likes Tatas, Birla group, and some of the older NBFCs have been interested in a banking licenses. Among finance companies, Reliance Capital and Indiabulls have announced their interest in getting into banking. Lenders such as Exim Bank and SIDBI were also interested in a banking licence.
If such a move happens this would be the first time post 2002 that RBI would look at such a move. The RBI had in 2002 granted an "in-principle" approval to Kotak Mahindra Finance Ltd (KMFL) and three Indian finance professionals who had teamed up with Rabo India to set up commercial banks- Yes Bank.
Incidentally corporates which were interested in setting up banks already have a NBFC arm. However RBI has been till now a bit circumspect on issuing new banking licenses.
A host of Indian corporates likes Tatas, Birla group, and some of the older NBFCs have been interested in a banking licenses. Among finance companies, Reliance Capital and Indiabulls have announced their interest in getting into banking. Lenders such as Exim Bank and SIDBI were also interested in a banking licence.
If such a move happens this would be the first time post 2002 that RBI would look at such a move. The RBI had in 2002 granted an "in-principle" approval to Kotak Mahindra Finance Ltd (KMFL) and three Indian finance professionals who had teamed up with Rabo India to set up commercial banks- Yes Bank.
Incidentally corporates which were interested in setting up banks already have a NBFC arm. However RBI has been till now a bit circumspect on issuing new banking licenses.
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