RBI Committee Recommends Conversion of Large NBFCs into Banks & Entry of Corporates

“Well-run large non-banking finance corporations (NBFCs), with an asset size of Rs 50,000 crore and above, including those which are owned by a corporate house, may be considered for conversion into banks subject to completion of 10 years of operations and meeting due diligence criteria and compliance with additional conditions specified in this regard,” it said.  The IWG was constituted by RBI to review and examine the regulatory guidelines and extant licensing to ownership and control of banks and other related issues.

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