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RBI grants permission to IDFC and Bandhan Financial Services Private Ltd to set up banks
Posted on: 03/Apr/2014 11:41:10 AM
From a field of 25 aspirants, the Reserve Bank of India has selected to set up banks.
The RBI consulted the Election Commission before granting “in-principle” approval to these entities, as a precautionary measure.
Incidentally, both IDFC and Bandhan are non-banking finance companies. While Mumbai-based IDFC is classified as an infrastructure finance company, Kolkata-based Bandhan is a microfinance institution.
The central bank is issuing new bank licences for the first time in ten years. Kotak Mahindra Bank and YES Bank were set up in the last round, in 2004.
IDFC and Bandhan were recommended as suitable for grant of “in-principle” approval by the High Level Advisory Committee set up by the RBI.
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