Sources familiar with the developments said the clearance came a few days earlier. While the details of the revised structure were not known, the sources said it would remain an all-stock deal.
This is being done for two reasons: to avoid conflict of interest and bring in transparency in the functioning of the banking regulator.
RBI last year initiated the process for issuing fresh licences by publishing a discussion paper inviting comments from the public.
After rising for more than a year, short-term interest rates have started falling since the beginning of the month, thanks to improved liquidity.
State Bank of India (SBI) has put on the backburner its plan to acquire a stake in Tata Motors Finance, following the Reserve Bank of India's (RBI's) objection.
According to RBI data, bank lending to commercial real estate registered 20 per cent growth in the year ended May 30 as compared to 1.2 per cent in the previous year.
The country's largest commercial bank's SME advances grew nearly 23 per cent to Rs 119,676 crore last financial year.
RBI feels allowing foreign companies into this business may affect financial stability.
After lying low since its foray into the credit card business two years ago, Life Insurance Corporation (LIC) of India on Monday announced a tie-up with Axis Bank to offer co-branded credit cards to its policyholders and employees.
It is clear now that our policy to treat FCCBs as debt upfront turned out to be the right approach.
Khan would replace Shyamala Gopinath who retires on June 20, after a seven-year stint as deputy governor.
The Financial Stability and Development Council had earlier mandated RBI and the Securities and Exchange Board of India to undertake a review of the existing practices followed by banks and brokerage houses in offering wealth management services.
Bankers' committee suggests banks lend to meritorious students without collateral.
Sharp increase is a major departure from those during former chairman O P Bhatt's regime.
Because of lower ratings, these companies would have to pay higher rates if they raised money directly.
Stocks of most non-banking finance companies (NBFCs) were on a crash course on Wednesday, with the Reserve Bank of India excluding loans given to the sector from the priority sector list.
One of the MDs, R Sridharan, is focusing on associates and subsidiaries. Another managing director, S K Bhattacharyya, who retired in October, 2010, was the chief credit risk officer.
The bank follows RBI discomfort with quid pro quo pact.
Expect rate rise pause, amid market expectations to the contrary.
"Companies are looking for longer maturities, typically one year and above (for bulk deposits), while banks want funds for a short tenure," said B A Prabhakar, executive director, Bank of India.
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