DK Mittal explains that an agreement was reached between the government and the Reserve Bank of India (RBI) of not disqualifying any class of business entities ab initio while issuing licences for conducting banking operations.
"As a regulator, the RBI will have to study the merits of every application and check if it meets the stipulated requirements before issuing a licence. That's a very fair way of moving forward," he says. "The banking entity also will be able to lend to companies in the group but will not be able to invest in them."
Commenting on the RBI reducing the limit the promoters' stake from the much demanded for 25 percent to 15 percent, he points out, "It should be seen from the perspective of the current permissible limit of 10 percent after which the RBI's take permission is required. I'm sure that this can be negotiated with the RBI."
Mohit Saraf of Luthra & Luthra comments that the guidelines issued by the Reserve Bank of India is a progressive step as India is very under-serviced and this would certainly boost the growth of the economy.
"Though the various criteria look pretty reasonable, what stands out as very positive is that NBFCs (non-banking financial companies) that will be converted into banks will not be allowed to lend or have any relationship with the promoter group," he says.
Saraf was also satisfied with the adherence to legal aspects by the guidelines regarding corporate governance. "The guidelines regarding the lock-in period of 5 years and limiting foreign direct investment limit at 49 percent in the first five years are good provisions."
Bobby Parikh, chief mentor, BMR Advisors disagrees with the RBI guideline that specifies that promoter groups' business models and business culture should not be misaligned with the banking model and their businesses should not potentially put the bank and the banking system at risk. Parikh clarifies that the guideline classifying the broking and real estate business needs further interpretation.
Commenting on the rule of limit promoters' stake to 15 percent over 12 years and go public after three years, he adds, "While there is a set of regulations today on where the promoter group holding should come down to, experience has shown that it hasn't come down to that level over the years that it should have."
"In some ways if it is being recalibrated then it probably reflects what the past experience has been and there is no point in putting something which is not achievable and instead issue guidelines that are more realistic rather than an ideal objective," he adds.
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