RBI receives 26 applications for new bank licences

MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Monday it had received 26 applications for new bank licences, with Tata Sons Ltd, the holding company for India's largest conglomerate, among those seeking the right to set up the first new Indian banks since 2004.

Other applicants include Reliance Capital, controlled by billionaire Anil Ambani, and Aditya Birla Nuvo, part of the diversified Birla conglomerate.

In February, the RBI issued guidelines to allow corporate houses to set up banks, part of an effort to expand access to financial services in a country where only about half the population has a bank account.

 

Licence winners are expected to be announced by the first quarter of 2014.

(Reporting by Shamik Paul; Editing by Tony Munroe)