Spice Global plans to apply for banking licence

Company has strong domain expertise in m-banking, digital banking through group companies

Spice Global, a $2 billion diversified conglomerate, plans to approach Reserve Bank of India (RBI) for a banking licence and diversify its financial services portfolio, said a press release issued by the company on Thursday. Once the licence is granted, Spice Global will be offering full-fledged banking services; with a focus on smart banking which is today showing a 227% year-on-year growth, to its customers.
 
Spice Global has been a pioneer and has strong domain expertise in m-banking and digital banking through its banking applications and value-added services that it currently provides to leading nationalised and private banks and institutions through its group companies.

 
Commenting on the diversification, B.K Modi, chairman, Spice Global, said: “Spice Global has proven itself as an innovator in the digital service delivery models, especially in the finance domain in addition to having a countrywide distribution channel to cater to customers. Hence the decision to enter banking sector is a natural progression and is in tune with our philosophy of smart investing. We are confident that we will offer quality services to our customers and will contribute significantly to the growth and development in this segment.”  
 
Spice Global has already been offering financial services through Wall Street Finance Limited, which has over 6,000 sub-agents across the country, including Vijaya Bank, ICICI Bank, Kotak Mahindra Bank, etc. It has both the reach and experience to deliver financial services.