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Strategies & Market Trends : India Stocks
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From: tom pope8/18/2011 11:13:22 AM
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WSJ


NEW DELHI -- India's central bank is likely to initially issue four new banking licences as part of a push to include more of the country's population in the formal banking system, two people familiar with the matter said Thursday.

But, in a setback for several hopefuls, "the government doesn't favor corporates which don't have finance as one of their main businesses," one of the people said, adding that most of the new licences will be issued to non-banking finance companies.

This means that conglomerates such as the Tata and Birla groups--which have large finance branches--could slip through the door.

But other companies, such as real estate developers which are reportedly keen as well, will be left out.

Analysts said the central bank may be looking at companies with deep enough pockets to run a bank successfully.<snip>
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