"We may rope in a consultant for our proposed foray into banking business, if that is required. This will happen after the final guidelines on banking license is out by RBI,"

LIC Housing Finance declined to give any time line for the appointment of the consultant.

LIC housing finance had earlier evinced interest to enter into banking business and is currently working internally towards this.

LIC housing finance board level committee and the company level committee is looking the issue. As per RBI draft norms, private sector entities or groups owned and controlled by Indian promoters with diversified ownership, having a good track record for a minimum of 10 years - would be eligible to promote banks.

The other contenders that are looking for a banking licence are Srei Infrastructure Finance, Religare Enterprises, Shriram Transport Finance, L&T Finance, Bajaj Finserv, Indiabulls Financial Services, Birla Capital and Financial Services, Tata Capital and Reliance Capital.