If the Aditya Birla Group gets license from the Reserve Bank of India (RBI) to set up banking business, the Group is ready to pump in Rs 750 crore more into its financial business in the remaining 2014 fiscal. The company’s officials said the funds would be used to expand its financial services business in rural India where the group would be opening more branches.
Seeking banking licence, one of BirlaÂ’s group holding firms, Aditya Birla Nuvo (ABNL) has applied to RBI. 25 other companies have also applied for a banking licence.
In the first quarter of this financial year, the companyÂ’s financial services business has recorded a revenue of Rs 1,366 crore, mainly due to revenues of Rs 895 crore being generated by its life insurance business.
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