Banks can be given broker license with or without fulfillment of all conditions: Pandey

Jul 10, 2020 01:44 PM Merolagani

Former Finance Minister Surendra Pandey has said that a further discussion is needed on the context of issuing broker license to the bank. “There should be a discussion on whether to make the conditions complicated or simple while issuing broker license,’ he added.

In the report submitted by the Finance Sub-Committee, although the banks are allowed to function as a broker company by establishing a subsidiary company, there are few conditions applied. “How long the banks need to meet the condition? Discussion should be held, he said. He added that the banks should be allowed to keep their views regarding the matter.

He said “The government can either give license after fulfillment of all conditions or issue license right now or give a certain period of time to fulfill the conditions.”

As per the report submitted by the sub-committee, company that borrows more than Rs 500 should become a public company. However, such capital  should be increased said Pandey.

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