New bank license norms: Religare confident of qualifying

Yesterday, the Reserve Bank of India released the Draft Guidelines for "Licensing of New Banks in the Private Sector".

In an interview to CNBC-TV18, Sachindra Nath, group COO, Religare Enterprises said, he is confident that Religare qualifies on most of the norms. New bank license regime: The shockers and grey areas Below is the edited transcript of his interview with Udayan Mukherjee and Mitali Mukherjee of CNBC-TV18. Also watch the accompanying video. Q: Religare runs a large brokerage, do you think that rules your application out or do you think you can work around that by restructuring? A: If you read the draft guideline carefully, I think RBI has emphasised on diligence around promoter groups. They have put forth criterias in their diligence around promoter group. One, ten years of business track record; Religare promoter and Religare itself qualifies for that. Second, they have said that those promoter groups should have experience of fiduciary business and there should not be concentration of revenue to the extent of 10% in real-estate and brokerage. If you look at Religare