......Some aspirants (RBI has not named them) have pleaded that “the requirement of the bank having 25 per cent of branches in unbanked rural centres is too onerous; therefore, the requirement could be revised to 15 per cent to ensure a level playing field between existing and new banks”. In June, Deputy Governor K.C. Chakrabarty had noted that banks should “be actively encouraged to set targets for themselves to capture untapped business in rural areas covering approximately two-thirds of the country’s population” in its 600,000 villages. Many suggestions come from big industrial houses — (and nowhere in the draft guidelines did the RBI even refer to them!) — and non-banking finance companies with interests in real estate. Even the idea of a wholly-owned non-operative holding company (NOHC) has been sought to be diluted. The objective of the NOHC was to fence regulated financial services from other activities of the promoter group — commercial, industrial and financial activities not regulated by financial sector regulators. The chorus is that the requirement that the NOHC be wholly owned by promoters be “revisited, and diversified shareholding at the NOHC-level be permitted”.......
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