GEOPOLITICS | RBI Rejects Tata Sons Bid to Drop Shadow-Lender Status

India’s central bank rejected Tata Sons Pvt.’s application to give up its shadow-lender status and told the company to follow rules for such firms, including an initial public offering, according to multiple local media reports. Bloomberg reported the decision after local media said the Reserve Bank of India turned down Tata Sons’ plea to remove the designation.