Reliance Cap partners with Japan firms for bank foray

Wed Jun 26, 2013 11:34am IST

A shareholder speaks on a mobile phone while attending the annual general meeting of Reliance Capital in Mumbai September 27, 2011. REUTERS/Danish Siddiqui/Files

A shareholder speaks on a mobile phone while attending the annual general meeting of Reliance Capital in Mumbai September 27, 2011.

Credit: Reuters/Danish Siddiqui/Files

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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)

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