Soon, you may have Reliance Bank, L&T Bank, Birla Bank
Soon you may have Reliance Bank, L&T Bank, LIC Bank, Birla Bank.
After almost ten years, RBI is set to issue fresh banking licenses. Last licenses were issued to Kotak Mahindra Bank & Yes Bank in 2003-2004.
RBI has now issued final guidelines for new bank licenses which will allow corporate & business groups with sound credentials to enter into banking business.
Corporate houses like Anil Dhirubhai Ambani Group, Larsen & Toubro, Tatas, Mahindra and Mahindra, Life Insurance Corporation, Aditya Birla Group and NBFCs Shriram Transport, Religare, SREI, Reliance capital have shown interest to enter the banking business.
Although the document does not mention how many licences will be issued, it is likely 4-5 new banking licences will be issued.
A. The key features of RBI guid...