The report said that Singapore headquartered Spice Group has already roped in former Sebi chief DR Mehta, among some other eminent banking industry leaders, on its board to prepare a plan for the banking foray.
As per the plan, Modi and other promoters of Spice will hold 49 per cent in the venture while the rest will be held by domestic and foreign investors, including a foreign bank.
Spice Group will compete with major financial sector players in this banking race including Religare Group, Sriram group, SREI Infra Finance, JM Financial, Edelweiss, L&T, among others. Aspirants have to submit their applications with RBI before June 30.
Experts said that Spice Group plans to take advantage of its mobile business to build a hi-tech bank keeping an eye on cost of transactions in traditional banks.