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HindustanTimes Wed,23 Apr 2014

Bank licence norms don’t favour big cos: KM Birla

HT Correspondent, Hindustan Times  New Delhi, June 26, 2013
First Published: 22:41 IST(26/6/2013) | Last Updated: 22:44 IST(26/6/2013)

Aditya Birla Group chairman KM Birla on Wednesday said the new bank licence norms announced by the Reserve Bank of India (RBI) are not discriminatory towards large corporate houses.

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On Tuesday, Aditya Birla Nuvo said that the board of the company has approved the proposal to apply for the bank licence. Aditya Birla Nuvo is the holding company of Aditya Birla Financial Services, which is the Birla group’s non-banking financial company (NBFC).

“The banking licence guidelines are very clear. They are not discriminatory towards large corporate houses,” Birla told reporters on the sidelines of a conference organised by industry body FICCI.

The comments followed the Mahindra group’s earlier statement that licensing norms were too strict for a NBFC like Mahindra Finance.

 

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