Corporates with sound credentials can set up banks: RBI

Posted By: Staff
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Mumbai, Feb 22 (PTI) The Reserve Bank of India today issued the much-awaited guidelines for new bank licences, allowing corporates and public sector entities with sound credentials and a minimum track record of 10 years to enter the banking business. The Reserve Bank, which has laid down an elaborate 'fit and proper' criteria, has not excluded any category like brokerages, real estate companies from entering into the banking space as has been advocated by the Finance Ministry. The final guidelines pave the way for corporate houses like Anil Dhirubhai Ambani Group and L&T.

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