Aditya Birla Group's Kumar Mangalam Birla resigned from the board of the Reserve Bank of India; weeks after his group firm applied for a banking license from the RBI.
Weeks after his group firm applied for a bank licence from RBI, Kumar Mangalam Birla today said he has resigned from the Board of the central bank to avoid any conflict of interest.
Birla was a nominated as a member of the Directors of the Central Board of the RBI in 2006. His group firm Aditya Birla Nuvo is among 26 entities that have applied for a bank licence. The last date for applying for a bank licence expired on July 1.
RBI Governor D Subbarao had responded by saying the central bank would look into the issue. The Reserve Bank is expected to grant new licences by March next year.
READ MORE ON RBI, Kumar Mangalam Birla, Reserve Bank of INdia, banking license, aditya birla nivo, central board
ADS BY GOOGLE
video of the day
No one doubts India; rate cut lurking: Motilal Oswal