MUMBAI: LIC Housing Finance, a subsidiary of state-run Life Insurance Corporation, has worked out a roadmap to apply for banking licence and has completed the basic paperwork. The housing finance company, like many corporates, is awaiting the central bank's final guidelines to start a bank. "We have appointed an ex-banker for the paperwork. Our basic framework is in place. We are awaiting the final guidelines to apply," said a senior executive from LIC. The Reserve Bank of India is expected to come out with the final guidelines for private firms and non-banking finance companies to set up banks. The banking regulator has already laid down norms in a discussion paper, where it talks about the pros and cons of minimum capital requirements for new banks, promoters' contribution, and caps on promoters' shareholding and other shareholders and foreign shareholding.
ET
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