M/s Aditya Birla Group, L&T Finance, Spice Group and the brokerage houses like India Infoline and Religare have appointed the banks’ bureaucrats as their advisors. These companies are the banking license aspirants. Mr. Divakar Gupta, former Managing Director of the State Bank of India, has been appointed as the chief advisor in Aditya Birla Group. The Spice group has appointed Mr. DR. Metha, who is the former chairman of the Securities and Exchange Board of India. Mr. Subash C. Kalia has also been appointed by the spice group. The L&T finance company is hiring Mr. P.V. Bhide, who is a former bureaucrat.
Many other banks license aspirants are dealing with the formal bank high officials. By appointing these experts, the companies can move on further, in regard with the banking license, from the government. This is an intelligent move by the companies, since they can help in all aspects in obtaining the license to start their banks. The new banks may be able to face all the challenges, in this present condition of the economy.