Shares of IFCI, India Infoline and Bajaj Finance has surged over 5% on the Bombay Stock Exchange (BSE) after their respective boards gave approval for applying to the Reserve Bank of India (RBI) for bank licences.
IFCI has rallied nearly 13% to Rs 24.90, followed by India Infoline (up 7% at Rs 53.25) and Bajaj Finance (up 5% at Rs 1,421) on BSE. State-owned IFCI said that the board of directors of the company has given its approval to submit an application to RBI for obtaining the banking licence.
Also, in a filing to the BSE, Bajaj Finserv said it has submitted application to the RBI on June 26, 2013, for a licence to commence banking business.
“It is proposed to do this by converting its subsidiary Bajaj Finance into a bank in terms of RBI guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013,” it said.
IFCI has rallied nearly 13% to Rs 24.90, followed by India Infoline (up 7% at Rs 53.25) and Bajaj Finance (up 5% at Rs 1,421) on BSE. State-owned IFCI said that the board of directors of the company has given its approval to submit an application to RBI for obtaining the banking licence.
Also, in a filing to the BSE, Bajaj Finserv said it has submitted application to the RBI on June 26, 2013, for a licence to commence banking business.
“It is proposed to do this by converting its subsidiary Bajaj Finance into a bank in terms of RBI guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013,” it said.
