Pranab Mukherjee, Finance Minister, in his budget speech said that. RBI is considering giving some additional banking licenses to private sector players. Non Banking Financial Companies could also be considered, if they meet the RBI's eligibility criteria.

Aditya Birla Group, with flagship listed entities like Grasim Industries, Hindalco, Aditya Birla Nuvo has decided to apply for banking licnese.

Ajay Srinivasan, Chief Executive - Financial Services, Aditya Birla Group said, The Finance Minister has shared the government's desire to open up the banking sector to NBFCs and the private sector.

This is a significant step towards further strengthening and broadening the banking sector and bringing it closer to the aam aadmi.

The Aditya Birla Financial Services Group is already a large non bank player, occupying a significant position across all its verticals. We wholeheartedly welcome this initiative and will definitely apply for a licence. The Aditya Birla Group is confident that we will meet any eligiblity criteria that might be set.

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