Reserve Bank of India, the controlling bank of the nation, has recently issued a set of guidelines for the new private banks of the industry. This is going to take the industrial sector to the planned Rs 64 trillion sectors.

These rules are of the fact that only those firms in the private sector, who have had a clean track record with strong financial position since past ten years shall be allowed to get license for bank.

These firms are not allowed to have more than 10% of their income or assets from the real estate sector.

It was previously fixed that the minimum capital to start up this entity would be at least Rs. 500 crore. The RBI has further added that they are to have a foreign holding of about 49% in their capital amounts.

It was also revealed according to the new guidelines that the firm would be able to set up their banks through the non-operative section of the firm. They shall also control the other financial services within the group’s ventures.

It was revealed by Finance Minister Pranab Mukherjee that the RBI was considering giving more licenses to private firms this year’s for setting up banks.