Reliance Industries Ltd on Sunday announced an equal financial services joint venture with global private equity and hedge fund company DE Shaw.
The joint venture will offer services like energy and carbon trading and derivatives linked to these, areas in which DE Shaw has expertise. It will also enter more conventional sectors such as private equity, mutual funds, and other security-linked offerings, according to reports.
But with new banking norms coming in place in India in the near future, there is a very good chance that this NBFC might file for a license for a bank.
Will they call it Reliance Bank?? We doubt that! Why?
Reliance Bank is an already established bank which traces its history to 1890, when it was known as The Salvation Army Bank. The Reliance bank was started when The Salvation Army’s founder William Booth needed to attract investments to finance mortgages . For more history on Reliance Bank here .