The Tata Group called off plans to set up a bank and withdrew its licence application, implying that the Reserve Bank of India’s conditions were restrictive and conforming with them would affect its other businesses besides having to ensure that more than 1,000 units were compliant with requirements. This follows the finance arm of another big industrial group, Mahindra & Mahindra, having dropped its plans for a licence even before the application deadline.

Source : http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/tata-sons-withdraws-application-for-new-bank-license-rbi/articleshow/26475451.cms

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