We are most eligible to set up a bank: Indiabulls

After the Reserve Bank announced the final guidelines for issuing of new banking licences , Indiabulls Group, ED, Ajit Mittal, told CNBC-TV18 that on the whole this is going to go a long way in promoting the cause of financial inclusion and overall deepening of the financial sector.

He feels that Indiabulls Group is one of the most suitable candidates for banking license. "However, the board will decide whether to go with it or not", he adds.

Below is the verbatim transcript of his interview to CNBC-TV18

Q: What are your views on the guidelines that have come in after a lot of effort between the finance ministry and the RBI. How enthused are you with what you have read?

A: I really welcome these guidelines. They really reflect a very deep and erudite thinking on part of the Reserve Bank of India, particularly not excluding ab initio some of the corporate houses exposure in the real estate. A brokerage sector is a very welcome step indeed. The guidelines on the whole are going to go a long way in promoting the cause of financial inclusion and overall deepening of the financial sector.

Q: What are your preparations? What are the next steps that you hope to take as far as the July deadline is concerned.

A: Early days yet. Guidelines have just come in. Board and the top management are going to seriously study the guidelines and apply their mind to it. Then probably take a call. As of now, we really don't have the view.

Q: Do you think this is a clear cut go area for you?

A: We are most eminently eligible for a bank. That too, not just going by what the guidelines say, but also going by our successful track record of more than 10 years as leading financial services conglomerate.

So, we definitely are eligible, probably one of the most suitable candidates for banking license. However, whether to go for banking license or not is something which probably board has to decide in due course of time.

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