https://www.taxtmi.com/news?id=11776 The policy permits resident promoters, including corporate groups and NBFCs, to establish banks only through a wholly-owned Non-Operative Financial Holding Company (NOFHC) that will hold the bank and regulated financial entities; mandates fit and proper checks, independent directors and governance standards for NOFHCs; prohibits banks from taking credit or investment exposure to promoter group entities or associated individuals; requires phased dilution of NOFHC shareholding and public listing within a set period; prescribes minimum capital and an initial cap on foreign ownership; and requires applicants to demonstrate plans to meet priority sector and mandated rural branch obligations to promote financial inclusion, with enhanced RBI supervisory powers to enforce these measures. en-us Sat, 28 Sep 2013 12:28:54 +0530 Sat, 28 Sep 2013 12:28:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11776 The policy permits resident promoters, including corporate groups and NBFCs, to establish banks only through a wholly-owned Non-Operative Financial Holding Company (NOFHC) that will hold the bank and regulated financial entities; mandates fit and proper checks, independent directors and governance standards for NOFHCs; prohibits banks from taking credit or investment exposure to promoter group entities or associated individuals; requires phased dilution of NOFHC shareholding and public listing within a set period; prescribes minimum capital and an initial cap on foreign ownership; and requires applicants to demonstrate plans to meet priority sector and mandated rural branch obligations to promote financial inclusion, with enhanced RBI supervisory powers to enforce these measures. News - Sat, 28 Sep 2013 12:28:54 +0530 https://www.taxtmi.com/news?id=11776