UAE Exchange still hopes to open bank in India after licence snub | The National:
"The remittances company UAE Exchange is still eager to set up a bank in India after missing out in the first round of licences issued.
India’s finance ministry on Thursday said that the Reserve Bank of India (RBI) would be likely to start inviting applications to form new banks in the next few months after preparing a new set of guidelines for the licences.
UAE Exchange India applied for a bank licence last year after the RBI allowed corporate houses and non-banking finance companies to do so. It was among 25 companies that applied for a licence. Only two were successful in the first round – IDFC, an infrastructure lender based in Mumbai, and Bandhan, a Kolkata-based microfinance organisation, were awarded preliminary licences in April, the first bank licences to be issued in more than a decade. The RBI has said that it plans to issue more licences."
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