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 StandardDiscover 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!
