MUMBAI, June 26: Reliance Capital Limited, a part of the Reliance Group, today announced that it will submit an application for a banking license with the Reserve Bank of India (RBI).
Reliance Capital will be the promoter of the proposed new bank.
Sumitomo Mitsui Trust Bank and Nippon Life Insurance, two leading financial institutions from Japan, propose to take between 4 to 5 per cent stake each in the proposed new bank, subject to necessary regulatory approvals, etc.
‘Reliance Capital is delighted to partner with two of Japan’s largest firms Sumitomo Mitsui Trust Bank and Nippon Life Insurance -for our proposed new bank,’ Mr. Sam Ghosh, CEO of Reliance Capital said.
Sumitomo Mitsui Trust Bank is amongst the largest banks in Japan,and the largest institutional investor in the country, the company release said. (UNI)
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