With 26 public and private sector
companies applying for bank licences, Finance Minister P Chidambaram has said that there was no ceiling on the number of entities which can be permitted to operate a bank. Mr. Chidambaram told PTI that it depends upon how many applicants are eligible applicants. On whether India needs large banks or large number of banks, the Finance Minister said, there is a case for both.
Seeking to spur foreign investments, the Finance Minister said, the Union Cabinet will decide on raising FDI caps in different sectors in the third week of this month.

He said, the Department of Industrial Policy and Promotion is holding consultations with different Ministries on the suggestion of the Finance Ministry which has proposed
sweeping changes in FDI regime in sectors like defence, telecom and multi-brand retail.