'We have great demographics, and are the fastest growing large economy. And we save.' 'All of which is great for financial services,' Aditya Birla Capital CEO Ajay Srinivasan tells Niraj Bhatt.
On Monday, RBI announced that 26 entities, including Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital, L&T Finance and Bajaj Finserv, applied for grant of bank licences.
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The RBI has accepted the application withdrawal request, according to the statement.
Licence winners are expected to be announced by the first quarter of 2014.
New entrants could include Flipkart, Paytm, Cafe Coffee Day and ICICI Prudential Life Insurance, it says
The Aditya Birla group's decision to merge two companies, each with an existing clutch of diverse businesses, flies in the face of the accumulated wisdom regarding conglomerates, says T N Ninan.
Hamsini Karthik reveals why the ongoing business rejig will help unlock value for shareholders of Grasim, Reliance Capital and Tube Investments
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
Additional levy to eat into Rs 6,000-crore income of top promoters
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
He's betting big on small stores to help him reach 10 million households by FY21, report Abhineet Kumar and Raghavendra Kamath.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
These have been selected based on the earnings growth prospects and favourable (buy) ratings by brokerages
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
It reverses the supply chain to customise part of its line-up, but the challenge is in sustaining it.
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