Kolkata/ Mumbai, Nov 27 IBNS | 2 years ago

Tata Sons on Wednesday said it has written to the Reserve Bank of India on Nov 26, withdrawing the application for a new bank licence dated July 1.

The Tata group comprises over 1,000 companies engaged in multiple sectors and geographies, with a significant presence outside India.

On a detailed evaluation of the 'Guidelines for Licensing of New Banks in the Private Sector' and analysis of clarifications thereto, Tata Sons has reached a conclusion that the group's current financial services operating model best supports the current needs of the Tata group's domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the group's diverse stakeholder base.

"After prolonged deliberations and detailed analysis, Tata Sons has therefore decided to withdraw its application dated 1 July, 2013, from the current round of licensing," the company said in a statement.

The company said it will continue to monitor developments in this space with great interest and looks forward to participating in the banking sector at an appropriate time.

(Posted on 27-11-2013)