REC decides not to apply for bank licence

.....The finance ministry is nudging RBI to issue new bank licences within the current framework, while assuring the law will be amended in due course of time. However whether public undertakings can establish new banks would be clear only after RBI issues the final guidelines on new licences. Media reports earlier suggested REC, PFC and IFCI were in talks with two foreign banks to jointly establish a new bank, to create more reach and have a diversified ownership.......

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