Tata, Birla, Reliance may not get into Banking for now: Corporate houses like Tata, Birla and Reliance will not be able to enter the banking sector at present. These industrial houses planned to expand their business empire into banking. But the Reserve Bank of India (RBI) has stopped their entry. An internal group of RBI had given 33 suggestions, out of which 21 have been accepted. The central bank is considering 12 other suggestions.
RBI to tighten rules
Non-Banking Finance Companies (NBFCs) run by industrial houses like Tata and Birla face a double whammy. The central bank has announced that it will make the rules governing NBFCs as strict as the laws of banks. At the same time, in three years, the suggestion to convert payment banks into small finance banks has been rejected, which may have an impact on Paytm. Paytm is presently present in the payment bank sector.
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