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LIC Housing Finance's first woman MD & CEO, Sunita Sharma, is confident of the company meeting all of Reserve Bank of India's criteria for a bank licence. According to Sharma, the company is prepared to transfer various businesses under a holding company as required by RBI.
If successful in its bid, LICHF will convert into a bank and come under a holding company which will also own LICHFL Care Homes and LIC Financial Services — a distribution company. Both of these are at present subsidiaries of LICHF.
"LICHF is a separate private company and the application for a bank licence does not involve the Life Insurance Corporation of India," said Sharma . "We do not have any problems in meeting any of the eligibility criteria as we are a highly compliant company."
RBI's screening committee is expected to meet again this month and hand over the list of qualifying candidates to an external committee headed by Bimal Jalan, a former RBI governor . Jalan had said that the committee would be able to come out with its recommendations in three months. Earlier this month, the Tata group withdrew from the race for a bank licence after they found the process of restructuring operations too complex.
Sharma, who took charge last month, was earlier executive director in charge of equity research at LIC. She was appointed CEO of the housing finance company following her predecessor V K Sharma's elevation as MD of LIC.
Source: Economic Times
If successful in its bid, LICHF will convert into a bank and come under a holding company which will also own LICHFL Care Homes and LIC Financial Services — a distribution company. Both of these are at present subsidiaries of LICHF.
"LICHF is a separate private company and the application for a bank licence does not involve the Life Insurance Corporation of India," said Sharma . "We do not have any problems in meeting any of the eligibility criteria as we are a highly compliant company."
RBI's screening committee is expected to meet again this month and hand over the list of qualifying candidates to an external committee headed by Bimal Jalan, a former RBI governor . Jalan had said that the committee would be able to come out with its recommendations in three months. Earlier this month, the Tata group withdrew from the race for a bank licence after they found the process of restructuring operations too complex.
Sharma, who took charge last month, was earlier executive director in charge of equity research at LIC. She was appointed CEO of the housing finance company following her predecessor V K Sharma's elevation as MD of LIC.
Source: Economic Times
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