Venugopal Dhoot counters RBI statement on bank licence

The Reserve Bank of India (RBI) on Tuesday announced that the Venugopal Dhoot-promoted Value Industries, based in Aurangabad, had withdrawn its application for a banking licence application.

However, in a curious turn of events, Videocon Industries, promoter company of Value Industries, denied having done so. Venugopal Dhoot, promoter of Value Industries and chairman, Videocon Industries, said: “We have not withdrawn the application and have only sought clarifications from RBI on certain issues.” 

The banking application deadline ended on July 1 and RBI the same evening announced the 26 applicants.

The RBI statement said Chandigarh-based K C Land & Finance had also applied for the licence on July 1 but was “inadvertently” not included in the list of applicants. Therefore, the total number remained 26.

According to the website of K C Land & Finance, the group also has interests in the education and hospitality sector, and was established in 1999. Raghuram Rajan, the new RBI governor, has said the central bank will give out the new licences within or soon after deputy governor Anand Sinha’s term ends in January.