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BW Businessworld

Reliance Cap Partners With Japan Firms For Bank Foray

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Reliance Capital said on 26 June, it would apply for a licence to enter mainstream banking in the country, in partnership with Japan's Sumitomo Mitsui Trust Bank and Nippon Life Insurance of Japan.

The two Japanese firms plan to own between 4 per cent and 5 per cent stakes each in the proposed bank, while Reliance Capital will be the promoter, said the company, controlled by billionaire Anil Ambani.

The Reserve Bank of India issued guidelines in February allowing any type of company to set up a bank, seeking to improve access to banking services.

(Reuters)