A brief look at REPCO, the latest universal bank licence candidate

Bank, which recently applied for a licence to start a universal bank in the country, expects to post a net profit of up to Rs 60 crore in FY21. A multi-state cooperative society, it is currently under the administrative control of the Union Home ministry.

The Government of India — along with the governments of Tamil Nadu, Kerala, Karnataka, and Andhra Pradesh — is the promoter. They together hold 55.3 per cent stake in the lender and the remaining 44.7 per cent is with individuals.

With 1.2 million customers, the lender applied for a universal banking licence to broadbase its operations, services and come under the regulatory purview of the Reserve Bank of India.

Bank would approach the private sector for investments. However, it is yet to start such exercise.

It expects a 10 per cent rise in business in 2021-22, especially by growing its gold loan portfolio.


Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Free Course

"Double Your Traffic in 30 days" + Secret Bonus

valued at $299

This amazing course will teach you, step by step, how to double if not triple your traffic over the next 30 days.

100% Privacy. We will never spam you!