Uday Kotak asks if Shriram Finance will become bank after MUFG deal, it denies

After Japan's MUFG Bank acquired 20% stake in Shriram Finance for over ₹39,600 crore, Kotak Mahindra Bank founder Uday Kotak asked whether the Non-Banking Financial Company (NBFC) would apply to become a bank. "Getting a banking licence isn't under discussion at all. We prefer to remain where we are," Executive Vice Chairman of Shriram Finance, Umesh Revankar, said.