Spice Global has planned to apply for banking licence in India, with the aim of expanding its financial services portfolio.
Spice Global will offer full-fledged banking services, with a focus on smart banking, if it gets the Reserve Bank of India’s (RBI) approval, the company said in a statement.
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B K Modi, chairman, Spice Global, said: "The decision to enter banking sector is a natural progression and is in tune with our philosophy of smart investing."
RBI made it possible for both private and public sector organisations including non-banking finance companies to enter the banking sector with the release of the much-awaited final norms on banking licenses.
Spice Global has already been offering financial services through Wall Street Finance Limited, which has over 6,000 sub-agents across the country, including Vijaya Bank, ICICI Bank, Kotak Mahindra Bank, etc.
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