For setting a new private bank, Edelweiss Financial Services is to apply to Reserve Bank of India. It will transfer its existing merchant banking business to subsidiary as a step to comply with norms prescribed by RBI for new banking license, said the firm on June 24. The firm will make an application to the RBI for a Banking License, in accordance with the provisions of the Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013, the company informed the Bombay Stock
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