No banking license for IFCI, LIC Housing, L&T Finance: stocks plunge

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No banking license for IFCI, LIC Housing, L&T Finance: stocks plunge
IFCI: Quotes, News
BSE 26.75BSE Quote0.2 (0.75%)
NSE 26.75NSE Quote0.25 (0.93%)
L&T Finance Holdings: Quotes, News
BSE 102.35BSE Quote0.35 (0.34%)
NSE 102.40NSE Quote0.25 (0.24%)
Lack of banking license for LIC Housing, L&T Finance Holdings and IFCI saw their stocks plunging in trade today.

L&T Finance Holdings was down almost 8 per cent, while LIC Housing was down 2 per cent and IFCI slumped 7 per cent.

The RBI on Wednesday said it had given in-principle approval to IDFC Ltd and Bandhan Financial Services to set up new banks in the country.

The Reserve Bank of India said the approval would be valid for 18 months during which the two financial firms will have to comply with the requirements laid down by the central bank, according to a statement.

The central bank said it will also consider the application of India Post, but under a separate process to be carried out in consultation with the government.

The central bank said 25 applicants had been considered, and judged under various criteria including analysis of their financial statements, track record of running their business over the past 10 years and potential to run a bank.

Read more about: lic housing, ifci, banking license
Story first published: Thursday, April 3, 2014, 9:54 [IST]
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