Shriram Finance: No Bank License Plans After MUFG Deal, Will Remain NBFC

• Shriram Finance clarified on December 22 it has no plans to apply for a bank license.
• This statement followed Japan's Mitsubishi UFJ Financial Group (MUFG) acquiring a 20% stake for 39,600 crore rupees.
• Uday Kotak had questioned if Shriram Finance would seek a bank license after the foreign investment.
• Executive Vice Chairman Umesh Revankar stated they see ample opportunities in retail lending as an NBFC.
• Remaining an NBFC offers customization and is currently beneficial for Shriram Finance.

Why It Matters: Shriram Finance confirms no immediate plans for a banking license, preferring to remain an NBFC.