MUMBAI (Reuters) – Tata Sons, the holding company of the Tata Group, has withdrawn its application for a domestic banking license, the central bank said in a statement on Wednesday.
“The company has indicated that its current financial services operating model best supports the needs of the Tata Group’s domestic and overseas strategy, and provides adequate operating flexibility to its companies, while securing the interests of the Group’s diverse stakeholder base,” the Reserve Bank of India said.
The RBI has accepted the application withdrawal request, according to the statement.
Tata Sons had filed the application on July 1, according to the RBI. Companies in the Tata Group include Tata Consultancy Services Ltd (NSI:TCS.NS – News), Tata Motors Ltd (NSI:TATAMOTORS), and Tata Steel Ltd (NSI:TATASTEEL.NS – News).
RBI had said in September that Value Industries, a unit of diversified conglomerate Videocon Industries Ltd (NSI:VIDEOIND.NS – News), had also withdrawn its application.
(Reporting by Swati Bhat; Editing by Rafael Nam)
RBI: Tata Sons withdraws application for bank licence
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