Religare applies for Banking License

religare-careerOn Friday, 28th June Religare Enterprises Limited has informed BSE that the company will submit its application with Reserve Bank of India (RBI) for new banking license.

The Board of Directors of the company at its meeting held on June 27 has approved to file application by Religare Enterprises Limited, the holding company of Religare Finvest Limited, with RBI for the grant of banking license to Religare Finvest Limited, said the company statement.

On Wednesday Religare Enterprises Ltd had announced that US-based bank Customers Bancorp Inc will invest $51 million in the financial services firm through a combination of stake sale by founders and issue of share warrants and fresh shares. The transaction was part of a plan by Religare’s founders – Malvinder and Shivinder Singh, to bring down their holding to 49% in order to qualify for a banking licence in India.

Others who are submitting applications include India Infoline, SREI Infrastructure Finance Ltd, Edelweiss Financial Services Ltd, JM Financial in collaboration with Vikram Pandit (ex-Citi Bank chief), Infrastructure finance entity IDFC, Religare Enterprises and Tourism Finance Corporation of India (TFCI). (Source: Business Standard)

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