JM Financial Ltd.

JM Financial is planning to apply for banking license, while Vikram Pandit and Hari Aiyar would hold stake in the banking foray. The company had sold 3% of its stake to Vikram Pandit, the former chief executive of the banking giant Citigroup, and Hari Aiyar via issue of warrants.

Moreover, according to the statement, JM Financial, a financial services company, will nominate Pandit to the position of non-executive chairman of the proposed bank, if it were to obtain a licence from Reserve Bank of India (RBI).

JM Financial is an integrated financial services group, offering a wide range of services to a significant clientele that includes corporations, financial institutions, high net-worth individuals and retail investors.