Tata Sons withdraws Application for New Bank

The Reserve Bank of India has today communicated that Tata Sons Limited has withdrawn its application made on July 1, 2013 for a new bank licence. 

The company has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the Group’s diverse stakeholder base. The Reserve Bank has accepted withdrawal of the application.

It may be recalled that the Reserve Bank of India had, on July 1, 2013 placed on its website a list of 26 applicants for new bank licences in the private sector and had intimated the change in the names of applications earlier on September 6, 2013.

The RBI has accepted the application withdrawal request, according to the statement. 

Tata Sons had filed the application on July 1, according to the RBI. Companies in the Tata Group include Tata Consultancy Services Ltd, Tata Motors Ltd, and Tata Steel BSE Ltd. 

RBI said in a press release that has accepted the withdrawal.

That leaves 25 applicants, including the Aditya Birla Group, the Bajaj Group and Anil Ambani’s Reliance Group, in the race for a banking licence.