Sachin Bansal eyes bigger role in global financial services market

Sachin Bansal-led Chaitanya India Fin Credit (CIFCPL) said on Friday the microfinance company had applied to the Reserve Bank of India for a universal banking licence, making it clear that it intends to play a bigger role in the broader financial services space in the country. 

The application was made under the RBI’s On-Tap Banking License Guidelines 2016.

In September, Bansal had invested around $104 million to acquire over 90 per cent ownership of Chaitanya, a 10-year old Bengaluru-based firm that caters to low-income borrowers for vehicle finance, housing loans, small business loans and education loans, across five states.

This follows a disclosure