Tata Sons withdraws application for new bank license: RBI

Tata Sons, the holding company of the Tata Group, has withdrawn its application for a domestic banking license, RBI said in a statement on Wednesday.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in September that Value Industries, a unit of diversified conglomerate Videocon Industries BSE 0.03 % Ltd, had also withdrawn its application.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