Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
Birlas on Monday said that the Tatas as a group were not the promoters of telecom joint venture Idea and hence not obliged to exit the business
Close on the heels of Aditya Birla Group's restructuring move, its flagship Indian Rayon on Thursday said it will seek shareholders' nod to change its name to 'Aditya Birla Nuvo Ltd'. \nThe Rs 5,000 crore (Rs 50 billion) Aditya Birla Group had on Sep
Launching a counter offensive in the ongoing controversy over stake holding in Idea Cellular, Tatas on Tuesday dubbed the position of joint venture partner AV Birla Group as "misleading" and asserted that they were under no legal obligation to exit f
India has 26 public sector banks, 22 private sector banks and 56 regional rural banks.
The Aditya Birla group, led by Kumar Mangalam Birla, has taken charge of its mutual fund joint venture with Sun Life Financial of Canada by buying 1 per cent stake from the latter.
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SBI will hold 30 per cent in RIL joint venture
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Senior company officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
A total of 41 companies had applied for the permit
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Reliance, Birla Group, Airtel eye small finance banks.
Licence winners are expected to be announced by the first quarter of 2014.
As many as 58 companies raised money from automatic route and 8 firms raised via approval route.
India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released on Friday.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Top companies added employees at 3% CAGR from 2003-04 to 2013-14, while revenues grew at 18%.
Last year, the software giant launched a cloud adoption programme for SMBs.
Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
Sensex ends belowe 26,800 on domestic concerns.
Investors indulged in buying beaten down blue chips at lower and attractive levels.
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