Kumar Mangalam Birla resigns from RBI board

Mumbai: Kumar Mangalam Birla, chairman of Aditya Birla Group, has resigned from the board of the Reserve Bank of India (RBI), according to a person familiar with the development.

add_main_imageThe government has accepted Birla’s resignation, according to an RBI spokesperson.

Early in July, RBI governor D. Subbarao had said that the banking regulator wants to consult the government about any possible conflict of interest in Aditya Birla Nuvo Ltd seeking a banking licence and Aditya Birla Group chairman Kumar Mangalam Birla being on the board of the central bank.NextMAds

Aditya Birla Nuvo is one among the 26 applicants for banking permit.

“We’ll have to take a view on that,” Subbarao said after the quarterly meeting of the central bank’s board on Thursday in Chennai on 5 July.

Aditya Birla Nuvo has maintained that there was no conflict of interest.