Want to build world class bank in India: V Balakrishnan

Below is the transcript of V Balakrishnan’s interview with CNBC-TV18\\'s Shereen Bhan and Ritu Singh.Shereen: We have got you, we have got Mohandas Pai and we have got Suresh Senapathi. So, three former CFOs of two technology companies in the line there for an Reserve Bank of India (RBI) license. Why would you want to do this?A: Banking sector is opening up in India now. The financial intrusion is very low in the country. The ecosystem is building up very well. We have the famous bank coming in India Post, the mobile payments are becoming more popular. So we thought all the three of us should come together and form a pure technology bank which will be like a virtual bank which is prevalent in the western markets.So we want to use technology more and create a virtual bank kind of bank in India which will benefit both the consumers and will help us to scale up faster than create a world class bank. That is the idea.Shereen: So you are saying that you want to leverage the power of technology which is your background to create a virtual bank but how would this compare or compete with the likes of Janalakshmi who have expertise and experience in this business?A: We collectively have a lot of experience in the financial world and we will build a good management team to run the bank. Ultimately the idea is to create and different state in the market place to use more technology and create a technology driven bank in the country. The time has come for India to have that kind of bank.Ritu: As far as the capital requirement is concerned Rs 100 crore is the minimum capital requirement. Do you have any ideas in place as to how you are raising this money?A: We have given the details to RBI. Collectively all the three of us are bringing in Rs 30 crore and balance Rs 50 crore one of the large investor is coming in. So we have planned for Rs 100 crore.Shereen: If you do get this license what is going to be the strategy. Of course you told us about how technology is going to be the foundation and the key differentiator but in terms of getting the operations off the ground what is it that we are actually looking at. Can you share some details with us about your sales pitch to the RBI?A: Initially we want to start the operation focusing on Karnataka and we have aggressive growth plans. The idea is to build a world class bank which will finally aspire to be a universal bank in the country. So the plans are given in the RBI application. Hopefully we will get the license.