The Reserve Bank of India (RBI) said on Monday it had received 26 applications for new bank licences. The Tatas, Aditya Birla Nuvo, part of the diversified Birla conglomerate, and L&T Finance Holdings were among applicants in the race for banking licences.
Others included Reliance Capital, Religare Capital Markets Ltd and IDFC Ltd. Also, Kochi-based gold loan company Muthoot Finance and UAE Exchange India said they have submitted applications to RBI for licences to offer full-fledged banking services.
The corporate houses seeking to apply for banking licences with RBI had time till Monday 5.45 pm to make the most of the opportunity. The guidelines for licence for new banks in the private sector were issued on February 22, 2013 and RBI followed it with clarifications on June 3, 2013. Licence winners are expected to be announced by the first quarter of 2014.
The 26 applicants for new bank licences