Private companies, PSUs can set up banks, says RBI

Almost three years after it was first promised in the Union Budget of 2010-11, the Reserve Bank of India has allowed all private and public sector companies to apply for bank licences, paving the way for business houses such as the Tatas, Aditya Birla group, L&T, ADAG, Mahindra & Mahindra and Reliance to throw their hat into the ring.

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