Till now, there has been many Ups & Downs in the Indian Banking Sector which result into a stagnant position with only few banks leading the charts. Our Banking Sector has also faced scams, frauds & people like Malya, Nirav Modi running away.
Now, Reserve Bank of India (RBI) thought to make our Banking Sector more bigger in coming decades and decided to open the doors for corporates to set up their payments banks for the 1st time ever.
These move will give big industrial houses a new oppurtunity to increase their revenue streams. The major candidates to get approval might be Tatas, Birlas, Ambanis, Mahindras and few others for the banking license.
Already corporates like Reliance Industries, Aditya Birla Nuvo, Tech Mahindra, Tata Sons, Sun Pharma, all had applied for a licence.
In future, the bigger competition in the full-scale banks with private-sector lenders HDFC and ICICI Bank already in the market.
