Bajaj Finserv awaits RBI nod for banking foray

Bajaj Finserv ,financial services wing of the Bajaj Group is keen to foray into banking sector. Bajaj Finserv MD Sanjiv Bajaj said that they are a zero-debt company having an idle cash of Rs800 crore and would like utilise the resources to venture into banking.The final guidelines from the Reserve Bank of India on awarding new banking licences are awaited before the proposed plan in banking foray is taken forward.The two new segments that the firm is likely to venture in near future include mutual fund and wealth management.(FE 06052010)