Mahindra and Mahindra Financial Services Ltd’s decision not to apply for a banking licence shows that becoming a bank might not be the bed of roses as it is made out to be. While the Reserve Bank of India rules have a certain logic to them, they perversely lead to a situation where those non-banking finance companies (NBFCs) who should be getting licences (in terms of operating in a similar business and have a track performance to boast about) might opt out of the race.............
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