Tata Sons Withdraws Application For Bank Licence, Says RBI

0
122

Tata Sons had filed the applicationon July 1, according to the RBI.

MUMBAI – Tata Sons, the holding companyof the Tata Group, has withdrawn itsapplication for a domestic banking license,the RBI said in a statement on Wednesday.”The company has indicated that its currentfinancial services operating modelbest supports the needs of the TataGroup’s domestic and overseas strategy,and provides adequate operating flexibilityto its companies, while securing the interestsof the Group’s diverse stakeholderbase,” the Reserve Bank of India said.The RBI has accepted the applicationwithdrawal request, according to the statement.Tata Sons had filed the applicationon July 1, according to the RBI.Companies in the Tata Group includeTata Consultancy Services Ltd, TataMotors Ltd, and Tata Steel Ltd.RBI had said in September that ValueIndustries, a unit of diversified conglomerateVideocon Industries Ltd, had alsowithdrawn its application.