SHRIRAM FINANCE HOLDS THE PLAN TO MERGE WITH RBI

Highlights:

• Shriram finance holds the plan to merge with Reserve bank of India (RBI) after the Indian central bank has requested it to cut its stake in the insurance sector.
• The central bank initiated the request as the insurance sector is not the remit of a non-bank financier.
• RBI has asked non-bank financiers to reduce its stake by 50%.

Reserve Bank of India requested....