CII OPPOSE NBFC PREFERENCE FOR BANK LICENCE
The Confederation of Indian Industry (CII) told the Reserve Bank of India that it did not favour
automatic conversion of non-banking finance companies (NBFCs) into banks. The industry body sought minimum capital requirement of Rs. 1,000 crore for setting up a bank. NBFCs, whether part of an industrial group or not, (should) be treated on par with other applicants and allowed to promote a bank with fresh capital. NBFCs are complementary financial institutions to banks, typically focusing on niches that are under served and neglected by the normal banking channel.
automatic conversion of non-banking finance companies (NBFCs) into banks. The industry body sought minimum capital requirement of Rs. 1,000 crore for setting up a bank. NBFCs, whether part of an industrial group or not, (should) be treated on par with other applicants and allowed to promote a bank with fresh capital. NBFCs are complementary financial institutions to banks, typically focusing on niches that are under served and neglected by the normal banking channel.
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