New Delhi, Dec. 22 -- Non-banking finance company (NBFC) Shriram Finance on Monday, December 22, said that the company has no plans to apply for a banking license. The clarification came after Kotak Mahindra Bank founder Uday Kotak asked on X (formerly Twitter) whether Shriram Finance would soon seek to become a bank, following Japan's MUFG Bank completing its $4.4 billion investment for a 20% stake in the Chennai-headquartered business.

Speaking at a press conference on the Shriram Finance-MUFG partnership today, Umesh Revankar, Executive Vice Chairman of Shriram Finance, said that the company becoming a bank is not something that the management sees happening right now.

"Getting a banking license is not under discussion at all. We pre...