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    HomeNewsBusinessCompaniesReliance Cap partners with Japan firms for bank foray

    Reliance Cap partners with Japan firms for bank foray

    Reliance Capital plans to apply for bank licence in partnership with Japan's Sumitomo Mitsui Trust Bank and Nippon Life Insurance of Japan.

    June 26, 2013 / 12:43 IST

    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.

    first published: Jun 26, 2013 12:33 pm

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