Kumar Mangalam Birla steps down from RBI Board

Screenshot_14Kumar Mangalam Birla who was nominated as a member of the directors of the Central Board of the RBI in 2006 stepped down from RBI Board.

Why did K.M.Birla stepped down from the RBI Board?

To avoid any conflict of interest as few weeks back his group firm applied for a bank license.

  • Among the 26 entities his group firm “Aditya Birla Nuvo” is one of the entities which have applied for a bank license.
  • The RBI is expected to grant new licenses by March 2014 as the last date for applying for a bank license expired on July 1, 2013.