Videocon Industries will enter banking sector with foreign partner, Liberty Mutual Insurance as company meets the criteria set by Reserve Bank of India's new banking license and the company has already earmarked Rs 1000 crore for the purpose.
Chairman of Videocon Industries, Mr. Venugopal Dhoot said, "Already, we have entered the financial sector through our joint venture with Liberty Mutual Insurance. Now that the guidelines for new banking license have come, Videocon will definitely apply for it".
"We have the credentials and track record of more than 10 years. We are the one who brought the likes of Toshiba, Panasonic and others to India. So, we have the experience and expertise for collaborations with foreign partners," Mr. Dhoot said.
On asking how much the bank has earmarked for the project, Mr. Dhoot said, "The minimum requirement as per RBI is Rs 500 crore but we have set aside Rs 1000 crore. There is a big market in rural and semi-urban areas".