India's 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.
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.
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