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.