Following a discussion paper on “Entry of New Banks in the Private Sector”, final guidelines issued in 2013 mandated banks to be set up through a wholly-owned Non-Operative Financial Holding Company (NOFHC). Though large corporate houses were allowed, the NOFHC was to hold a minimum of 40 per cent of the voting capital to be locked for 5 years. Two banks were set up under these guidelines.source https://economictimes.indiatimes.com/industry/banking/finance/banking/tracing-the-evolution-of-bank-licensing-in-india/articleshow/79326435.cms
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