Aditya Birla Nuvo has received an approval from its Board of Directors for the proposal of making an application to the Reserve Bank of India (RBI) for obtaining license for setting up bank in accordance with the Guidelines issued by RBI for licensing of new banks in the private sector.
Earlier this month, RBI while issuing clarification on new bank licence guidelines had stated that entities getting licences to open new banks will be given 18 months to open branches against 12 months prescribed earlier, and promoters would have to transfer their holdings to the non-operative financial holding company (NOFHC) in a stipulated period.
