IDFC shares were up 1.5 per cent
Mumbai: Shares in IDFC Ltdrise after the Reserve Bank of India on Wednesday granted preliminary licence to the infrastructure sector lender to set up a new bank. IDFC shares were up 1.5 per cent
The approval of licences for IDFC Ltd and Bandhan Financial Services marks the start of a cautious experiment for a sector dominated by lethargic state lenders, many of which are reluctant to expand into rural areas or towns where banking penetration is low. No new Indian bank has been formed since Yes Bank in 2004.
Other companies hopeful of bank licence slumped: LIC Housing Finance fellby 2.5 per cent, while L&T Finance Holdings lost 8.3 per cent.
( Source : reuters )
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