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Wednesday, August 31, 2011

NBFC stocks rally in the hope of banking licenses

Most gained potential NBFCs
NBFC’s like Bajaj Finserv,  M&M financial services, Reliance capital, L&T finance holding company etc rallied in the anticipation of getting future banking licenses. Successful NBFC’s either can promote bank or get themselves converted into a bank.
RBI declared its plans to confer banking licenses to NBFCs with diverse ownership, sound credentials and proven track record of at least 10 years. NBFCs with 10% or more exposure in real-estate or broking business shall not be eligible for the banking licenses.
Besides this only those NBFCs with the capital base of 500 crore and above shall be entitled for the banking licenses and with the obligation of not exceeding foreign ownership above 49% for the first 5 years.
Potential candidates of banking licenses appreciated on this news.

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