India cbank grants preliminary bank licenses to IDFC, Bandhan Financial

MUMBAI, April 2 Wed Apr 2, 2014 9:03am EDT

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MUMBAI, April 2 (Reuters) - The Reserve Bank of India said on Wednesday it had granted bank licenses to IDFC Ltd and Bandhan Financial Services that would be valid for 18 months and would be subject to the two financial firms fully complying with central bank regulations.

The central bank will also consider the application of India Post, but under a separate process to be carried out in consultation with the government.

The RBI last year allowed corporate houses to form banks as part of an effort to expand access to financial services in the country. No new Indian bank has been formed since Yes Bank in 2004. (Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)

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