IDFC, Bandhan Financial get preliminary bank licence

Tags: Banking
The Reserve Bank of India said on Wednesday it had granted bank licenses to IDFC Ltd and Bandhan Financial Services that would be valid for 18 months and would be subject to the two financial firms fully complying with central bank regulations.

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

The RBI last year allowed corporate houses to form banks as part of an effort to expand access to financial services in the country. No new Indian bank has been formed since Yes Bank in 2004.

EDITORIAL OF THE DAY

  • Trade policies must not ring fence specific industry sectors

    Within days of the government setting a floor price for import of steel products to thwart countries such as China from undercutting local mills, gove

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Kumar Jain

Reframe mindset to achieve excellence

Niels Bohr, the famous quantum physicist on­ce said, “The opposite ...

Kuruvilla Pandikattu

More real than the reality

Virtual reality (VR), a te­chnology that offers an un­imaginably altered ...

Dharmendra Khandal

Urbanisation is costing us our wildlife

The road transport and highways minister Nitin Gadkari aims to ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture