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RBI report: Doors could be finally open to large business houses to launch banks

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4 years ago

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RBI report: Doors could be finally open to large business houses to launch banks

The big takeaway from the report of the Reserve Bank of India (RBI)’s internal working group (IWG) on ownership guidelines for private banks is the idea to permit large corporate and industrial houses to promote private banks.

In the past, the RBI has been in large part hesitant to allow large businesses promote banks.

In the preceding rounds, when the RBI had issued non-public financial institution licences, the banking regulator had authorised corporate homes to apply, however grew to become down their programs, and desired monetary establishments which had enjoy in banking transactions.The idea, however, comes with positive riders. According to the IWG recommendations, huge company/industrial houses can be allowed as promoters of banks most effective after important amendments to the Banking Regulation Act, 1949.

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This is geared toward stopping related lending and exposures among the banks and different monetary and non-monetary institution entities and strengthening of the supervisory mechanism for huge conglomerates, inclusive of consolidated supervision.

The different fundamental takeaway from the proposals is to permit huge non-banking monetary companies (NBFCs) to transform into banks. Well-run huge NBFCs, with an asset length of Rs50,000 crore and above, inclusive of the ones which might be owned through a corporate house, can be taken into consideration for conversion into banks, challenge to finishing touch of 10 years of operations and assembly due diligence standards and compliance with extra situations exact on this regard.

This too will assist many corporate homes going for walks NBFCs below their fold to come to be banks in the event that they want to do so.

The final time (2013-14) whilst the RBI invited programs for brand spanking new non-public banks, a bunch of corporates inclusive of Tata Sons; the Aditya Birla Nuvo, a part of the Aditya Birla conglomerate; L&T Finance Holdings, a part of India’s biggest engineering conglomerate Larsen & Toubro; Reliance Capital; and INMACS Management Services Ltd, which presents control consultancy, corporate finance, audit, tax, and legal advisory services, had implemented for permits.

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Only Bandhan and IDFC were given licences.

The IWG group has put lot of emphasis at the Non-operative Financial Holding Company (NOFHC) model. NOFHCs need to stay the desired shape for all new licences to be issued for ordinary banks. However, it need to be obligatory most effective in instances where the character promoters/selling entities/changing entities have other group entities, the institution has said.

While banks certified earlier than 2013 can also additionally pass to an NOFHC shape at their discretion, as soon as the NOFHC shape attains a tax-impartial status, all banks certified earlier than 2013 shall pass to the NOFHC shape inside 5 years from assertion of tax-neutrality, the document said.

Till the NOFHC structure is made feasible and operational, the issues in regards to banks project distinctive sports via subsidiaries/ joint ventures/pals want to be addressed via appropriate regulations. However, banks presently below the NOFHC shape can be allowed to go out from this kind of shape in the event that they do now no longer produce other institution entities of their fold.

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Also Read: BIGG BOSS 14: KAMYA PUNJABI COMPARES KAVITA KAUSHIK TO SIDHARTH SHUKLA, CALLS PAVITRA’S OUTBURST ‘JOKE OF THE SEASON’

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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3 weeks ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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