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.
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