K M Birla resigns from RBI's board

Posted By: Religare
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K M Birla resigns from RBI's board
Kumar Mangalam Birla, Chairman of Aditya Birla Group has resigned from the Reserve Bank of India (RBI)'s central board of directors, weeks after his group firm applied for a bank licence from RBI, said the media report.

Birla who was appointed to the central bank's board in June 2006 said that he has resigned from RBI Board 4-5 days ago so there is no interest of conflict now.

RBI's website removed Birla's name from its site on Tuesday. RBI Governor D Subbarao had recently said the apex bank would look into the issue and "consult" the government on Birla's continuation on the board, added the media report.

The central bank has received applications from 26 entities, including Aditya Birla Nuvo, the Tatas, and Anil Ambani for banking permits.

Moreover, Reserve Bank of India is expected to grant new licences by March next year, said the media report.

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