Mumbai: Tata Sons, led by Cyrus Mistry, has opted to stay out of race for getting a banking license.
Tata Sons's decision comes after Videocon-promoted Value Industries decided to stay away from the face.
The Tata move comes just two months before the final licences for new banks are to be issued by the RBI.
Tata Sons had applied for a license five months earlier. In a statement the company said that it had evaluated the guidelines for licensing and reached a conclusion that it's current financial services operating model best supports the current needs of Tata group's (domestic and overseas) strategy.
According to a Tata Sons spokesperson, “The company looks forward to participating in the banking sector at an appropriate time.”
