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IDFC board clears banking foray

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Infrastructure financing company IDFC, on Tuesday, said the board had approved a proposal to seek licence from the Reserve Bank of India for setting up a bank.

The board of the company at its meeting held on Tuesday has approved a resolution for making an application to the RBI for obtaining a banking licence, IDFC said in a filing on the BSE.

The licence would be sought based on the guidelines for licensing of new banks in the private sector dated February 22, and the associated clarifications issued by the RBI on June 3, it said. — PTI

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