Tata group pulls out of
bank licence fray
Mumbai: The Tata group withdrew its application
for a banking licence, months before the Reserve Bank of India (RBI) is
expected to open up the sector to a new set of new private banks in
Asia’s third largest economy.
Tata Sons Ltd,
the holding company of the Tata group, said in a statement that its
“current financial services operating model best supports the current
needs of the Tata group’s domestic and overseas strategy, and provides
adequate operating flexibility to its companies, while securing the
interests of the group’s diverse stakeholder base”.
RBI said in a press release that has accepted the withdrawal.
That leaves 25 applicants, including the Aditya Birla Group, the Bajaj Group and Anil Ambani’s Reliance Group, in the race for a banking licence.
Tata Sons added in its statement that said it had written
to RBI on Tuesday withdrawing the application after a detailed
evaluation of the “guidelines for licensing of new banks in the private
sector” and analysis of clarifications.
Tata Sons is not the first business house to have a change of heart. In June, Mahindra and Mahindra Financial Services Ltd
decided not to apply for a banking licence, saying RBI’s norms were not
conducive for large and successful non-banking financial companies
(NBFCs) to turn into banks.
Chennai-based Shriram Capital Ltd has also decided to withdraw itsmd.aquil alam
pgdm 1st sem
source. mint
ITC trading at discount to FMCG mid-caps: Is it right time to buy into the stock?
ITC trading at discount to FMCG mid-caps: Is it right time to buy into the stock?
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http://economictimes.indiatimes.com/articleshow/26492197.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
ITC trading at discount to FMCG mid-caps: Is it right time to buy into the stock?
ITC trading at discount to FMCG mid-caps: Is it right time to buy into the stock?
ITC trading at discount to FMCG mid-caps: Is it right time to buy into the stock?
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