Held on 29 January 2015
Microsec Financial Services announced that the Board of Directors of the Company at its meeting held on 29 January 2015, inter alia, has considered and approved the following:1. The Board has given their consent that 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 Microsec Resources. B L Mittal and R K Sharma, shall act as individual promoters and Microsec Financial Services shall act as corporate promoter of the proposed Small Finance Bank.
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