 "Banks")
Shares of financial companies were in focus on Monday after the Reserve Bank of India’s (RBI) internal working group (IWG) reviewing the corporate structure of private sector banks, last week suggested sweeping changes in bank ownership, including allowing large corporate and industrial houses to own banks by amending the Banking Regulation Act, 1949.
The other significant proposal is to allow large non-banking financial companies (NBFCs) with asset size of Rs 50,000 crore and above (including those within the fold of corporate houses), and with a decade’s track record, to convert to banks.
Reacting to the news, shares of
