IFCI Ltd has decided to apply for a banking licence, joining the race with a large number of corporate houses eyeing a banking foray.

The board of directors of IFCI, a systemically important non-banking finance company, on Thursday gave their nod for IFCI to submit an application to RBI for obtaining the banking licence.

This came as good news for the company’s shares which clocked 20 per cent jump to close at Rs 26.65 on the National stock exchange on Friday

srivats.kr@thehindu.co.in

(This article was published on June 28, 2013)
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