Shriram Finance Ltd.

Shriram Capital, the holding company for all financial services entities of the group, including truck financier Shriram Transport Finance Companies, has applied for a banking licence. Corporate heavyweights, from the Birla and Bajaj groups to Anil Ambani's Reliance Capital are among several companies which have thrown their hat in the ring.

Earlier, it was expected that Shriram Group would apply for the banking licence seeking exemption from the merger of Shriram Transport Finance with the bank. RBI regulations stipulate that non-banking Finance companies (NBFCs) converting to banks will have to move all existing assets and liabilities of the company to the balance sheet of the new bank.