Bank window opens for India Inc

Corporates, conglomerates — whether in the public or private sectors — as also non-banking financial companies (NBFCs) can now apply for a banking licence using a non-operative financial holding company (NOFHC) structure. The Reserve Bank of India (RBI), which issued final guidelines for new banks on Friday, refrained from restricting entities that had a significant presence in the real estate and broking sectors from setting up a bank although it had put in some caveats in the draft guidelines.

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