“We are delighted to note that guidelines for licensing of new banks have finally been issued. The suspense for Industrial Houses has ended and the guidelines clearly state that private sector, Public sector and existing NBFCs shall be eligible. It is heartening to note that the guidelines emphasize the requirement of sound credentials, integrity and successful track record. We of course need to study the detailed guidelines, the fine print and transition provisions.
Mahindra Finance which has strong rural presence and track record of good governance will definitely look at this opportunity after review by its Board and the Board of the parent company Mahindra & Mahindra Limited.”
Bharat Doshi, Chairman, Mahindra & Mahindra Financial Services Limited
India Infoline Research Team / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices