Spice Global to enter into banking sector, to apply for licence

New Delhi: B K Modi promoted Spice Global is planning to apply to RBI for a bank licence for which guidelines were issued last month.

Spice, a $2 billion diversified conglomerate, plans to offer full-fledged banking services; with a focus on smart banking which is today a showing a 227 percent annual growth, to its customers, Spice Global today said in a statement.

Spice Global has also been a pioneer having strong domain expertise in m-banking and digital banking. Reuters[/caption]

Spice Global has also been a pioneer having strong domain expertise in m-banking and digital banking through its banking applications and value-added services that it currently provides to leading nationalised and private banks and institutions through its group companies, it said.

The company has proven itself as an innovator in the digital service delivery models, especially in the finance domain. Hence the decision to enter banking sector is a natural progression and is in tune with our philosophy of smart investing, Spice Global chairman B K Modi said.

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Spice Global has already been offering financial services through Wall Street Finance Ltd, which has over 6,000 sub agents across the country, including Vijaya Bank, ICICI Bank, Kotak Mahindra Bank, etc. Besides, financial sector, the Group is also present in telecom, entertainment technology and healthcare.

Last month, the Reserve Bank of India issued the much-awaited guidelines for new bank licences, allowing corporates and public sector entities with sound credentials and a minimum track record of 10 years to enter the banking business

PTI