Reliance Cap partners with Japan firms for bank foray
REUTERS - Reliance Capital said on Wednesday 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 percent and 5 percent 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.
(Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier)
- Tweet this
- Share this
- Digg this
Trending On Reuters
A brief meeting between India's Prime Minister Narendra Modi and his Pakistani counterpart appears to have salvaged a summit of South Asian leaders, with all eight countries clinching a last-minute deal to create a regional electricity grid. Full Article
Forever21 sets sights on Indian cities, but please hold the hot pants Full Article
Japan inflation slows in October, output and spending show signs of recovery Full Article