MUMBAI, April 2 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
(Reporting by Suvashree Dey Choudhury; Editing by Rafael Nam)