Corporate Apr 3, 2014
The Reserve Bank of India (RBI) on Wednesday issued only two licences of the 25 applicants in the fray for banking permits
The two companies that made the cut were IDFC, a diversified financial services firm with a special focus on infrastructure financing, and Bandhan, the country’s largest micro lender based in Kolkata. Industrial houses were disappointed as the central bank chose to ignore them. However, those that did not qualify for a full-fledged licence this round can again apply in future rounds.
Below is the list of applicants that did not get a licence
* Aditya Birla Nuvo, part of the Aditya Birla conglomerate, which includes Idea Cellularand Hindalco Industries.
* Bajaj Finance, part of the Bajaj Group, which includes motorbike maker Bajaj Auto.
* Edelweiss Financial Services, a diversified financial services firm.
* IFCIa financial consultancy and advisory company.
* Indiabulls Housing Finance Ltd, part of the Indiabulls group conglomerate.
* India Post, part of the ministry of communications and information technology. Indian post offices offer savings schemes and sell insurance and mutual funds.
* India Infoline, part of the IIFL group, which has interests in brokerage, wealth management, insurance and consumer loans.
* INMACS Management Services Ltd, which provides management consultancy, corporate finance, audit, tax and legal advisory services.
* Janalakshmi Financial Services, a microfinance company.
* JM Financial. Former CitigroupCEO Vikram Pandit would become non-executive chairman of JM's banking arm if it wins a license.
* LIC Housing Finance, a unit of Life Insurance Corp of India, the country's largest insurer.
* L&T Finance Holdings(, part of India's largest engineering conglomerate, Larsen & Toubro.
* Magma Fincorp, a finance company that gives loans for vehicles, gold and small enterprises.
* Muthoot Financegives loans against gold.
* Reliance Capital, controlled by billionaire Anil Ambani. Japan's Sumitomo Mitsui Trust Bank and Nippon Life Insurance of Japan would each own stakes of between 4 and 5 percent in the proposed bank.
* Religare Enterprises, a financial services firm controlled by the Singh brothers who also control Fortis HealthcareU.S.-based bank Customers Bancorp Inc(CUBI.O) will invest $51 million in the bank if the group gets a licence.
* Shriram Capital, part of the Shriram Group, which includes truck financier Shriram Transport(SRTR.NS).
* Smart Global Ventures.
* SREI Infrastructure Finance, which mainly finances infrastructure projects.
* Suryamani Financing Co Ltd, a financial services provider.
* Tourism Finance Corp of Indiawhich provides financial services for tourism-related activities.
* UAE Exchange India, a remittance and foreign exchange services firm.
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