L&T Finance Holdings on Saturday took Board approval to apply for a new banking licence to the Reserve Bank of India (RBI). The non-banking finance company (NBFC) will apply for a banking licence on Monday, which is also the deadline for applications. The company's Board met only to discuss the banking licence application, sources said. As per sources, L&T Finance Holdings was mulling various methods of application, where it wanted to choose between an application with exceptions and one without them. A banking licence application with exceptions would mean that the company proposes a structure where L&T Infrastructure Finance and L&T Capital are kept out of the banking fold. The infrastructure finance business contributed 61% of the R171.4 crore net profit earned by the L&T Finance Holdings in the quarter ended March 31.