Shriram to fora into banking

Jun 25, 2010 - Age Corespondent |

mumbai

Chennai-based Shriram Group, which has a presence in vehicle finance, engineering and insurance, could apply for a banking license in July.
The Reserve Bank of India is expected to come out with eligibility norms for new banking licenses by that time.
“The group is keen, and will be applying for a banking license if we are eligible,” said Mr. R Sridhar, managing director, Shriram Transport Finance.
However, he refused to identify the group company most likely to lead the foray. Shriram Transport Finance (STFC) is the vehicle finance arm of the group, and funds purchases of mostly second hand trucks by small truck owners.
As the retail finance arm of the group, STFC could be the group company selected for a venture in the banking sector.
The last time RBI had awarded new banking licenses was in the early 90s. ICICI, HDFC Bank and Axis Bank were amongst the new generation private sector banks which got their licenses at the time.
Private sector banks currently account for just under 20 per cent of the assets held by the Indian banking sector.

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