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Mar 07, 2013, 10.30 AM IST | Source: CNBC-TV18

Reliance Group to apply for banking license before July 1

In what can be a game changer for Anil Ambani's Reliance Group, sources say the group has begun ground work for applying for a banking license and is looking to set up its banking foray under the brand name.

In what can be a game changer for Anil Ambani's Reliance Group, the group has begun ground work for applying for a banking license. It is looking to set up its banking foray under the brand name 'The Reliance Bank', reports CNBC-TV18's Kritika Saxena quoting sources.

July 1 is the deadline for applying for the banking license. It is learnt that the company is currently talking to couple of consultants. According to sources, it is looking at hiring two consultants and one has already been finalised. The company is firming the details for the non-operating financial holding company (NOFHC) which is the first and a mandatory step to applying for the banking license.

Also read: Will NBFCs bite the banking bait?

Once those details are firmed up with the Reserve Bank of India (RBI) the official license will be put in possibly by next month, according to our sources.

Sources add that as Anil Ambani had earlier said the branding should remain in the lines that he had indicated that is 'The Reliance' brand. It is learnt that if at all the license does come in, it is open to possibly bringing in either domestic or foreign investor but that will only be if the company gets the license.

For now, it is firming up all the details of the very important NOFHC which will essentially be the vehicle through which they will be applying for the license.

As far as the official comments go, the company has said that it is looking at applying for the license as they had indicated earlier. However, it did not wish to reveal any other details. In terms of the foreign partners, it said for now there are no such plans of that.

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