MUMBAI (Reuters) - Reliance Industries Ltd said on Monday it had applied for a permit to operate a payments bank and that the country's top lender State Bank of India will take an up to 30 percent stake in the venture if it wins a permit.
Monday is the deadline for companies to apply for permits for the so-called payments banks and small finance banks. The central bank is awarding the permits to further financial inclusion in a country where nearly half the population does not have access to formal banking system.
Controlled by India's richest man Mukesh Ambani, the energy company has expanded in to areas including retail and telecommunication over the past years.
(Reporting by Devidutta Tripathy; Editing by Anand Basu)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app