Nepal's Chaudhary Group keen on Indian fin services sector

Nepal's diversified Chaudhary Group is keen to enter the Indian financial services sector with plans to set up a bank to tap Nepalese population in the country.
The group, which is behind Nepal's Nabil Bank, is looking to form a consortium with local partners in India for its banking foray here.
"There are 8 million Nepalese in India, who are majorly into remittance. There is free-flow of currency and no requirements for visas. So, it is a huge opportunity there. We want to set up a Nepalese bank in India," Chaudhary Group Chairman Binod Chaudhary told PTI.
While the group has not yet approached regulatory authorities, he said: "We want to start in the form of a consortium with like-minded people here in India for our banking foray."

When asked if any local partner has been identified, he said: "Not yet, but it's pretty clear that today every business house in India wants to be a banker, considering the licences applied recently (to RBI)."
Apart from the financial services sector, Chaudhary said the group is also keen to participate in infrastructure development here, especially in the modernisation of railway stations as envisaged by the Modi government.

He said: "We want to be developers in railway station modernisation. India's stations need nice, trendy but affordable hotels, which we can provide considering our experience in hospitality."
Chaudhary added, however, that the plans would depend on getting approvals from the Indian government.

"Today is an opportunity. We don't want to be late in the India boom story," he said.
The USD 1 billion Chaudhary Group has interest in wide business areas, including FMCG, real estate, hospitality, consumer electronics, retail and telecom and has presence in over 30 countries globally.
At present, its presence in India is mainly in FMCG, foods, hospitality and is known mostly for its Wai Wai noodles.