Religare Enterprises is planning to submit its application with Reserve Bank of India (RBI) for new banking license. Recently, the company’s board gave their approval to file application, with RBI for the grant of banking license to Religare Finvest, subsidiary of Religare Enterprises.
On June 26, Customers Bancorp Inc., (CUBI), a Federal Reserve Regulated bank holding company and listed on the NASDAQ agreed to invest $51 million in the holding Company, Religare Enterprises, through combination of primary and secondary market investment. The transaction was part of a plan by Religare’s founders - Malvinder and Shivinder Singh, to bring down their holding to 49% in order to qualify for a banking licence in India.
Religare Enterprises is one of India’s leading diversified financial services groups. It offers an integrated suite of financial services including asset management, life and health insurance, lending, broking, investment banking, and wealth management.
