The Reserve Bank of India has allowed the Piramal Enterprises to start non-banking finance company (NBFC) operations. The bank has provided it a licence for initiating an NBFC but not accepting public deposits.

“The RBI has granted a certificate of registration to the company to commence the business of non-banking financial institution without accepting public deposits. The said licence was received by the company on July 26,” Piramal said in an exchange filing.

The approval from the RBI comes after the company received clearance of the shareholders to demerge its pharmaceuticals business and simplify its corporate structure.