NEWS & ADVICE : FIXED DEPOSITS
Reliance Capital aims to foray into banking
By Neelima Shankar
Sep 29, 2010
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Reliance Capital is aiming for a bank license once the final guidelines for the same are declared by the Reserve Bank of India.

"We have always regarded banking as a high-priority sector with huge potential, and are evaluating different options contained in the guidelines," said Anil Ambani, Chairman, Reliance Capital.

"It has always been our ambition to create a world-class bank", Mr. Ambani added.

Mr. Ambani said, "These guidelines outline a number of different licensing options for a company such as ours, namely, conversion, promotion or acquisition."

Speaking about the various plans of the company, Mr Ambani said, "We entered the exchange business in late 2009. We have already started a spot exchange and have a 26 per cent stake in a commodities exchange. We believe there is immense growth potential in this space and plan to have a presence across all segments of the exchange business in India."

Reliance Capital will leverage "this unmatched domain expertise of our group to offer customised financing solutions to vendors, suppliers and contractors, with targeted returns on equity of 18 to 20 per cent," said Mr. Ambani, adding, "We aim to create, in a phased manner, an asset base of over Rs.50,000 crore in the next 3-5 years."


 


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