Financial Services Firm Religare Enterprises Limited (REL) said today that its promoter group (Singh family) qualified on all criteria set out in the RBI’s draft guidelines on new bank licences and that there was no reason why it shouldn’t be applying for a bank licence in the coming days.

"The draft guideline has put the rightful emphasis on the promoters/promoter group and their track record and business interest. We believe we qualify on all the criteria set out in the draft guidelines. For us to be an integrated financial services firm in India, banking is something we would like to go for", Mr Sachindra Nath, Group CEO, Religare Enterprises told Businessline.

Mr Nath noted that the REL was a non-operative holding company that was already regulated by the Reserve Bank of India (RBI). REL also said that the regulators have appropriately excluded promoter groups who do not have established track record of running successful businesses for at least 10 years.

Besides, the promoter Group (Singh Family) has also separated ownership and management, and today majority of Religare Enterprises’ Board members are independent of the promoter group and the promoters themselves do not participate at the REL Board level, it was pointed out.

"Religare has demonstrated a strong track record of building and running fiduciary businesses in India and globally, in life insurance and asset management spaces; Religare has also segregated and separated management for each business. In our assessment, as a promoter group, income from broking business is less than 10% and the group is not involved in real estate development", Mr Nath said.

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