Corporate Jul 1, 2013
Indian corporate houses seeking to apply for a banking licence with the Reserve Bank of India had until Monday to do so.
In February, the Reserve Bank of India released 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. Below is a list of companies that have said they would apply or had applied.
* Aditya Birla Nuvo, part of the Aditya Birla conglomerate, which includes Idea Cellular and Hindalco Industries.
* Bajaj Finance, part of the Bajaj Group, which includes motorbike maker Bajaj Auto.
* Edelweiss Financial Services.
* IDFC, a finance company which lends to the infrastructure sector and has investment banking, private equity, research and mutual fund operations.
* 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.
* JM Financial. Former Citigroup CEO Vikram Pandit would become non-executive chairman of JM's banking arm if it wins a license.
* L&T Finance Holdings, part of India's largest engineering conglomerate, Larsen & Toubro Ltd .
* LIC Housing Finance, a unit of Life Insurance Corp of India, the country's largest insurer.
* Magma Fincorp, a finance company that gives loans for vehicles, gold and small enterprises.
* Muthoot Finance gives 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 Healthcare. U.S.-based bank Customers Bancorp Inc 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.
* SREI Infrastructure Finance Ltd, which mainly finances infrastructure projects.
* UAE Exchange India, a remittance and foreign exchange services firm.
* Videocon Industries, which has interests ranging from white goods to oil fields.
NOT IN THE FRAY
* Mahindra & Mahindra Financial Services, part of the Mahindra Group that includes India's biggest utility vehicle maker, was seen as a strong contender for licence but opted not to apply.
* SKS Microfinance, India's only listed micro finance company, did not apply. Earlier this year, its chief financial officer said it would consider applying.
More From R Jagannathan.