Shriram Capital applies for banking licence

Last Updated: Mon, Jul 01, 2013 11:26 hrs

India's Shriram Capital said on Monday it has applied for a banking licence.

Shriram Capital is the holding company for all financial services entities of the group, including truck financier Shriram Transport, and is seen as a strong contender to win a licence.

Corporate heavyweights, from the Birla and Bajaj groups to Anil Ambani's Reliance Capital are among several companies aspiring to get into mainstream banking as India pushes to make financial services more accessible to half of its population that does not have a bank account.

The deadline to file applications with the Reserve Bank of India is Monday.

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