Thursday, September 4, 2014

Reliance Capital, Nippon Life To Jointly Start A Bank In India

The Anil Ambani-led Reliance Capital has partnered with world's 2nd largest private life insurer Nippon Life Insurance Group to start a commercial bank in India subject to the necessary approval. The duos, on Monday, also announced two funds for Japanese investors in the Indian equity and bond markets.

This announcement came during Indian Prime Minister Mr. Narendra Modi's visit to Japan, which aims at strengthening bilateral economic ties between the countries.

The two funds - Short Term Indian Bond Fund and India Equity Selection Fund will enable Japanese retail investors to be part of the India's growth story.

“Reliance Capital is planning to set up its own bank, which will cater to the individual customer and small-and-medium enterprises all over India", Nippon Life President Mr. Yoshinobu Tsutsui said.

“With a view to improve the financial infrastructure of India, Nippon Life Insurance is participating in this bank project as part of strategic business alliance", he added.

The Japanese financial services giant Nippon Life holds a 26 per cent, the maximum permissible stake in the Reliance Capital Asset Management Company (RCAM).

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