Videocon Ind unit withdraws application for bank licence

Value Industries was among the 26 applicants for a new banking licence in the private sector, for which the Reserve Bank had invited applications by July 1 this year.
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Sep 07, 2013, 05.31 PM | Source: PTI

Videocon Ind unit withdraws application for bank licence

Value Industries was among the 26 applicants for a new banking licence in the private sector, for which the Reserve Bank had invited applications by July 1 this year.

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Videocon Ind unit withdraws application for bank licence

Value Industries was among the 26 applicants for a new banking licence in the private sector, for which the Reserve Bank had invited applications by July 1 this year.

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Diversified conglomerate Videocon Industries ' subsidiary Value Industries has withdrawn its application for a banking licence, the RBI said today. "...KC Land & Finance Ltd Chandigarh whose application was received at the Reserve Bank on July 1, 2013 but was inadvertently not included in the list of applicants for new bank licences in the private sector, is now being included in the list," it added.

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Value Industries was among the 26 applicants for a new banking licence in the private sector, for which the Reserve Bank had invited applications by July 1 this year. "One applicant, Value Industries Limited, Aurangabad has withdrawn its application," RBI said in a statement. The RBI, on July 1, 2013 had placed on its website a list of 26 applicants for new bank licences in the private sector.

Tata Sons, LIC Housing Finance , Aditya Birla Nuvo , Department of Posts, Reliance Capital , Bajaj Finserv , Bandhan Financial Services, Edelweiss Financial Services are among the applicants that have applied for the new banking licences. Among others are IDFC , IFCI , Indiabulls Housing Finance, India Infoline , INMACS Management Services, Janalakshmi Financial Services, JM Financial , and L&T Finance Holdings , Magma Fincorp , Muthoot Finance , Religare Enterprises , Shriram Capital and Smart Global Ventures.

SREI Infrastructure Finance , Suryamani Financing Company, Tourism Finance Corporation of India, UAE Exchange & Financial Services and Videocon's subsidiary Value Industries were the other applicants. RBI is likely to issue new bank licences around January.

Raghuram Rajan, who took charge as the 23rd governor of the central bank on September 4, said an external committee headed by former RBI governor Bimal Jalan would be constituted to screen the 26 applications for bank licences. "I hope to announce the licences within, or soon after, the term of Deputy Governor Anand Sinha who has been shepherding the process. His term expires January 2014," Rajan had said in his maiden press briefing soon after taking charge.

In the past 20 years, the RBI has licenced 12 banks in the private sector in two phases. Ten banks were licenced on the basis of guidelines issued in January 1993.

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