This would pave the way for Reliance Capital to apply for a banking licence in the future. Reliance Nippon Life Insurance and Reliance Nippon Life Asset Management, both subsidiaries of Reliance Capital, already have a strategic partner Nippon Life Insurance - with 49% stake. As per the scheme, commercial finance division of Reliance Capital was proposed to be merged into Reliance Gilts, a wholly-owned subsidiary of Reliance Capital, and this merged entity was to be renamed Reliance Commercial Finance (RCF). Reliance Gilts has now been renamed as Reliance Commercial Finance, which is among the leading SME lenders in Indian non-banking finance space with a focus on asset-backed lending and productive asset creation. Reliance Capital, a part of Reliance Group, is one of the leading financial services companies.

Source: dna September 12, 2016 08:03 UTC