Besides public sector entities and existing non-banking finance companies, private conglomerates including brokerages and real estate giants will be able to apply for a banking licence, according to the Reserve Bank of India’s (RBI’s) final guidelines. In its final guidelines on new banking licences, released on Friday, the central bank allowed entities that have a considerable presence in the real estate and broking sectors to set up a bank through a wholly-owned Non-Operative Financial Holding Company (NOFHC). read more
[via Stock Watch - Stock Specific News]
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