IIFL submits Banking Licence application today (1 July 2013)

iiflIndia Infoline Finance Limited is currently led by Mr. V. K. Chopra, ex-CMD of SIDBI and Corporation Bank


India Infoline Ltd (IIFL Group), India’s leading financial services provider, today submitted its application to the Reserve Bank of India for Banking Licence. IIFL proposes to convert its existing NBFC, India Infoline Finance Limited, into a bank. IIFL is compliant with all RBI guidelines, read along with clarifications issued on June 3, 2013, a company spokesperson stated.
Mr. Nirmal Jain, Chairman, IIFL, said, “A banking licence is a natural progression for our NBFC business. India Infoline Finance Ltd, our NBFC, will get converted into the bank. Given the retail nature of our loan portfolio and distribution infrastructure across the country, we are well placed to drive the financial inclusion agenda as well. We will fully comply with all RBI regulations from day 1 and are not seeking any exceptions.”

India Infoline Finance Limited is currently led by Mr. V. K. Chopra, ex-CMD of SIDBI and Corporation Bank. Mr. Chopra has over 30 years of experience in the banking sector. He started his career as an Officer in Central Bank of India in 1969 where he served in various capacities. As the Executive Director of Oriental Bank of Commerce, he was responsible for the bank’s entire operations. His last assignment was with SEBI as Whole-time Member. He is on the Board of a number of public limited companies. He is a fellow member of the Institute of Chartered Accountants of India (ICAI) by profession and is a Certified Associate of Indian Institute of Bankers (CAIIB).

Prominent luminaries such as Mr. A. K. Purwar, ex Chairman, State Bank of India; Mr. Sunil Kaul, ex President, Citibank Japan; Mr. Kranti Sinha, ex Managing Director, LIC Housing Finance lead the Board of India Infoline Limited.

The proposed bank will leverage on the existing distribution network of IIFL NBFC to reach crores of people and lakhs of enterprises. IIFL NBFC has one of the largest distribution networks for a diversified NBFC with 1,446 branches spreading across over 550 towns and cities. India Infoline Limited has a wider network of 3,820 business centres spread across over 900 cities.

About IIFL

India Infoline Finance Ltd (IIFL), a subsidiary of India Infoline Limited is registered with Reserve Bank of India as a non-banking finance company. IIFL offers a broad suite of lending and other financial products to both retail and corporate clients. The Company’s products include Mortgage loans (both retail and corporate mortgage), Capital Market financing (including Loans against Securities, Promoter Funding, Margin Funding, IPO financing and other structured lending transactions), Gold loans, Commercial Vehicle loans and Healthcare financing.

About IIFL Group

IIFL (India Infoline group), comprising the holding company, India Infoline Ltd (NSE: INDIAINFO, BSE: 532636) and its subsidiaries, is one of the leading players in the Indian financial services space. IIFL offers advice and execution platform for the entire range of financial services covering products ranging from Equities and derivatives, Commodities, Wealth management, Asset management, Insurance, Fixed deposits, Loans, Investment Banking, GoI bonds and other small savings instruments. It owns and manages the website, www.indiainfoline.com, which is one of India’s leading online destinations for personal finance, stock markets, economy and business.

IIFL won ‘Best Customer Service in Financial Markets’ award organized by FranchiseIndia. Mr Nirmal Jain, our Chairman has also received the ‘Entrepreneur of the Year’ award at the 10th Franchise India Awards, 2012. IIFL has received ‘Best Equity Broking House with Global Presence’ at the D&B Equity Broking Awards 2012 as well as for 2011. IIFL Wealth was awarded ‘Best Wealth Management House – India’ at The Asset Triple A Investment Awards, 2012 as well as for 2011. IIFL has also been awarded as the ‘Best Broker in India, 2011’, by FinanceAsia and the ‘Best Equity Broker of the Year, 2011’ by Bloomberg UTV. A forerunner in the field of equity research, IIFL’s research is acknowledged by none other than Forbes as ‘Best of the Web’ and ‘…a must read for investors in Asia’. IIFL research is available not just over the Internet but also on international wire services like Bloomberg, Thomson First Call and Internet Securities where it is amongst one of the most read Indian brokers.

A network of close to 4,000 business locations spread over more than 900 cities and towns across India facilitates the smooth acquisition and servicing of a large customer base. All our offices are connected with the corporate office in Mumbai with cutting edge networking technology. The group caters to a customer base of over two million customers, over a variety of mediums viz. online, over the phone and at our branches.

IIFL/ India Infoline refer to India Infoline Ltd and its group companies.