Budget could pave way for new private sector banks

Come February 28, India could see new private sector banks being set up, including those by corporate houses quoted the Business Standard.

February 04, 2011 / 17:58 IST

Come February 28, India could see new private sector banks being set up, including those by corporate houses. Business Standard quoted unnamed sources as saying that a roadmap detailing the terms, conditions and written guidelines as to who would be allowed to set up banks would be indicated in the Budget speech by finance minister Pranab Mukherjee.

The newspaper notes that there are a number of industrial houses which were keen to get banking licenses, including the Anil Ambani-led Reliance Group, the Aditya Birla group and the Religare group. The newspaper also said that a number of NBFCs and microfinance institutions are also said to be interested.

Source: Business Standard

first published: Feb 4, 2011 05:56 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347