Communist Party of India (CPI) Tuesday expressed concern over the continuation of Kumar Mangalam Birla on the board of the Reserve Bank of India (RBI), saying it was a "conflict of interest" as his group firm is in the race for a new banking licence.
"CPI expresses a deep concern on the conflict of interest of the position of K.M. Birla at such an early stage of consideration of new banking licences," CPI general secretary S. Sudhakar Reddy said.
Reddy in a statement said the party wished to "immediately draw the attention of the government for serious consideration of the validity of the banking application of Aditya Birla Nuvo and replacement of K.M. Birla as a consequence thereof from the board of the Reserve Bank of India."
Kumar Mangalam Birla-led Aditya Birla Group firm Aditya Birla Nuvo is a strong contender among the 26 companies for the new banking licence.