With the RBI issuing guidelines for new bank licences, diversified group Videocon Industries said on Sunday that it will enter the banking sector with a foreign partner and has earmarked Rs 1,000 crore for the purpose.
Videocon Industries Chairman Venugopal Dhoot said that his company meets the criteria set by Reserve Bank of India (RBI) for new banking licences.
When asked about the business model, he said: “We are talking to an American bank now. Our idea is to be a majority stakeholder and then dilute stake to public to meet regulatory norms in future.”
The guidelines issued by the RBI stipulate that applicants should apply for licence by July 1, 2013.
(Published 03 March 2013, 16:45 IST)
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