Losers in banking licence race take a knock; fall up to 10%

Tags: News
Shares of banking licence aspirants today fell by as much as 10 per cent after the Reserve Bank granted in-principle approval for new bank licences to IDFC and Bandhan Financial Services.

L&T Finance Holdings slumped 9.71 per cent, while IFCI lost 8.51 per cent at the BSE.

Similarly, shares of SREI Infrastructure Finance tumbled 7.80 per cent, JM Financial plunged 7.68 per cent, Reliance Capital lost 4.51 per cent, Muthoot Finance (2.56 per cent) and LIC Housing Finance (1.37 per cent).

Ending days of suspense, the Reserve Bank yesterday granted banking licences to infrastructure financing firm IDFC and microfinance institution Bandhan from among 25 applicants that included corporate heavyweights ADAG Group, Aditya Birla Group and Bajaj Group.

The RBI agreed to consider the application of India Post in consultation with the government and advised other applicants to apply afresh after the central bank comes out with new guidelines on granting licences 'on tap'.

The bank licences were awarded a day after the Election Commission granted approval to the RBI to go ahead with the process.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Neither secular nor socialist, India at 66 is back where it began

    The republic has entered its 66th year but the nation is more than just another year older.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Kumar Jain

Building great cities (and nations)

Fifteen to twenty years’ span is the time when humans ...

Kuruvilla Pandikattu SJ

Defining success differently

Researchers spent four decades studying a group of mathematically talented ...

Shona Adhikari

All roads lead to Delhi, as it gears up for art fair

With the seventh edition of India Art Fair (IAF) coming ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture