IndiaBulls has elected not to go for bank license. The home loan lender now plans to venture into the infrastructure finance sector.
The company has chosen to move out of the race prior to the publication of the discussion paper on the rules for new bank licenses by RBI.
Gagan Banga, CEO Indiabulls said: “Our priority is to build a large HFC with a strong capital base, distribution network and best in class products. Our mortgage business has already captured respectable market share. We are also steadily scaling up our infrastructure lending portfolio, and over time plan to get the status of an infra finance company.”
He added, “We will want to stick to our core business of housing finance and being an HFC of size and scale and grow to at least ‘50,000 crore of assets from the current ‘12,500 crore before considering other options. At this time, IBFSL doesn’t have a strong inclination for a banking licence, we shall thoroughly analyse the guidelines as and when the same are finalised by the RBI”.