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| Exchange Disseminated Time | Microsec Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 29, 2015, inter alia, has considered and approved the following:
1. The Board has given their consent that Mr. Banwari Lal Mittal, the Managing Director of the Company will be considered as CEO for the purpose of Clause 49 of the Listing Agreement.
2. The Reserve Bank of India has issued a guideline for Licensing of "Small Finance Banks" in the Private Sector. The Board of Director has given their consent to make an application to Reserve Bank of India for Small Finance Bank in terms of aforesaid Guidelines through its wholly owned subsidiary M/s. Microsec Resources Private Limited. Mr. B L Mittal and Mr. R K Sharma, shall act as individual promoters and Microsec Financial Services Limited shall act as corporate promoter of the proposed Small Finance Bank. |
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