It has been reported that the Ambani’s have planned to enter into the banking industry. The Reliance industry has applied to set up the payments banks. RBI has declared that payments banks are not allowed to lend and may take only small deposits, but can provide most other types of banking services, including processing and payments.
The Company reported that in association with the largest leading bank of the country – State Bank of India, Re4liance will launch its banking set up. SBI would own up to 30 per cent of the joint venture. It is expected that this could bring a significant change in the banking industry. Through this, reliance aims to offer banking transactions at the cheaper rate to the people.