Tata Sons, the
holding company of the Tata Group, has withdrawn its application for a domestic
banking license, RBI 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 ServicesBSE -0.52 % Ltd, Tata Motors
LtdBSE 2.31 %, and Tata SteelBSE 0.73 % Ltd.
RBI
had said in September that Value Industries, a unit of diversified conglomerate
Videocon Industries BSE 0.03 % Ltd, had also withdrawn its application.
Source : The Economic Times
