EC okays new bank licences

The Central Election Commission has granted it’s permission to Reserve Bank of India to permit giving licences to new banks. 27 applications have been pending with the RBI. Among the applicants, India Post and IFCI are public sector organizations. Anil Ambani, Birla group, Bajaj Finance, Religare, Muthoot Fincorp, Shriram Capital are the applicants waiting. The government has given only 12 such licences over the last twenty years.

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