This Article is From Mar 31, 2014

NBFCs fall on reports of bank license meet postponement

NBFCs fall on reports of bank license meet postponement

Shares in non-banking finance companies which have applied for bank licenses fall on media reports the Election Commission would not be holding a meeting on Monday regarding the issuance of new licenses, citing unnamed officials.

The Reserve Bank of India has sought the Election Commission's approval to announce new bank licenses ahead of the polls due to conclude by May and media reports had said the commission could meet on Monday.

A spokesman for the commission reiterated no decision on bank licenses had been made.

Shares in LIC Housing Finance fell 1.7 per cent, L&T Finance Holdings was down 1.46 per cent and IDFC Ltd lost 3.66 per cent.

Copyright: Thomson Reuters 2014