LIC Housing Finance plans banking foray: Reports

LIC Housing Finance plans banking foray: Reports
The home loan arm of India's largest insurance firm, LIC Housing Finance has decided to foray into the banking space following approval from the board for applying for new banking licences, said a media report.

"We have decided to go ahead with the application, but other modalities like setting up a non-operative financial company (NOFHC) are still being discussed," V K Sharma, managing director and CEO of LIC HFL told Business Standard.

RBI had released guidelines for the new licences in February this year and is geared to grant some licences by the end of March 2014. Media report said that LIC's ex-chairman DK Mehrotra also wanted LIC Housing Finance to apply for licence, if it finds guidelines as favourable.

In race with the LIC Housing Finance are Shriram Group, Religare Enterprises, IDFC and Bajaj Finance, to name a few.

Read more about: lic housing finance
Story first published: Friday, June 21, 2013, 9:32 [IST]
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