Aditya Birla Group to inject Rs 750 cr more in quest for banking foray: Media Report

Aditya Birla Group to inject Rs 750 cr more
Mumbai-headquartered, Aditya Birla Group, in a bid to prepare itself for a smooth transition for the bank if gets banking license, is to inject Rs 750 crore more in to its financial business in FY 14.

The group would focus more on rural sector to expand its financial services business by opening more branches in rural India, said Business Standard. "Once we get the licence, we would be able to launch the bank in the next six months. We are ready with all the background work, including talent and software," a senior official told media.

According to Birla Group Officials, the bank would follow the same traditions of high ethical practices which were synonymous with the Birla group. The Birlas earlier owned UCO Bank, which was nationalised and was taken over by the Indian government in 1969.

The proposed bank would use the parent's logo which shows a rising sun and uses the Aditya Birla group name. "We have not taken any final decision on the name of the bank," Sushil Agarwal, the Chief Financial Officer of ABNL said.

Dion Global Solutions Ltd.

Story first published: Friday, August 16, 2013, 9:10 [IST]
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