Are real estate developers allowed to set up banks in India?

Q: There was news that realty developers will also be set up banks. Is that true?

sada, Bangalore

23rd February 2013

Real estate News in Delhi

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Replies (3)

I heard that the guidelines given in the year 2011 have got big opposition.. But I don't know the exact matter. Have you any idea about the previous guidelines as what exactly is being opposed in it? And the reason behind this..

sada, Bangalore

6th March 2013

Comment

Reserve Bank of India has allowed realty firms and brokers to apply for banking licenses. But the final guidelines are yet to be announced, may be in a couple of days. These guidelines seem to strand reservations for realty firms and brokers. RBI said that its past experience with real estate brokers on the boards of banks has not been good. So this time, they are planning to arrive at a common position on the issue.