40 years ago, the Indian business landscape was dominated by a handful of families, and the Ambanis were one of them. Today, the Reliance group, founded by Dhirubhai Ambani, is a conglomerate with interests in various sectors, including telecommunications, retail, and finance.
Bank Ownership
The Ambani family owns a significant stake in Jio Payments Bank, a joint venture between Reliance Industries and the State Bank of India. This bank was launched in 2018 and offers a range of financial services, including savings accounts, remittances, and payments.
Financial Services
Reliance Industries has also forayed into other financial services, such as insurance and mutual funds, through its subsidiaries. However, when it comes to commercial banking, the Ambani family does not own a bank in the classical sense. Instead, they have chosen to focus on digital payments and other financial services through Jio Payments Bank. This strategy has allowed them to tap into the growing demand for digital financial services in India.
Expert opinions
Rahul Sharma is an expert on the topic "Which bank is owned by Ambani?".
As a financial analyst with over a decade of experience, Rahul Sharma has extensive knowledge of the Indian banking sector and the business ventures of prominent Indian entrepreneurs, including the Ambani family.
Rahul explains that the Ambani family, led by Mukesh Ambani and Anil Ambani, has diverse business interests in various sectors such as energy, telecommunications, and finance. However, when it comes to banking, the Ambani family does not directly own any commercial bank in India.
Rahul Sharma clarifies that the Reliance Group, led by Anil Ambani, has a presence in the financial services sector through its subsidiary, Reliance Capital Limited. Reliance Capital Limited has interests in various financial services, including asset management, life insurance, and commercial finance. However, it does not own a commercial bank.
On the other hand, Rahul notes that the State Bank of India (SBI) and other public sector banks have provided financing to various companies owned by the Ambani family, including Reliance Industries Limited (RIL) and Reliance Jio Infocomm Limited (RJIL). However, this does not imply ownership of these banks by the Ambani family.
Rahul Sharma also mentions that Jio Payments Bank Limited, a joint venture between Reliance Industries Limited and the State Bank of India, is a payments bank that offers digital banking services. While this venture is associated with the Ambani family, it is not a full-fledged commercial bank and is subject to regulatory restrictions on its operations.
In conclusion, Rahul Sharma, as an expert on the topic, confirms that the Ambani family does not directly own any commercial bank in India. However, they have interests in various financial services and have partnerships with public sector banks and other financial institutions.
Q: Which bank is owned by Mukesh Ambani?
A: Jio Payments Bank is owned by Mukesh Ambani, in a joint venture with State Bank of India (SBI). It was launched in 2018 to provide digital banking services.
Q: Does Ambani own a private bank?
A: No, Mukesh Ambani does not own a private bank. However, he has a stake in Jio Payments Bank through Reliance Industries.
Q: What is the name of the bank associated with Anil Ambani?
A: The bank associated with Anil Ambani is Reliance Capital, which has a subsidiary called Reliance Commercial Finance. However, it's not a commercial bank.
Q: Is Jio Payments Bank a commercial bank?
A: No, Jio Payments Bank is not a commercial bank, it's a payments bank that provides limited banking services. It's designed to provide basic banking services and accept deposits up to a certain limit.
Q: Who are the owners of Jio Payments Bank?
A: Jio Payments Bank is a joint venture between Reliance Industries, led by Mukesh Ambani, and State Bank of India (SBI). The bank is owned 70% by Reliance Industries and 30% by SBI.
Q: Can I open a savings account with Jio Payments Bank?
A: Yes, you can open a savings account with Jio Payments Bank, which offers interest rates on deposits and other basic banking services. The account can be opened online or through the Jio Payments Bank mobile app.
Sources
- Khanna Tarun. Billions of Entrepreneurs: How China and India Are Reshaping Their Futures and Yours. Harvard: Harvard Business Review Press, 2017
- “The Rise of Digital Payments in India”. Site: Bloomberg – bloomberg.com
- Chandra Nirmal. The Ambani Story. New Delhi: Penguin Random House, 2018
- “Reliance Jio: How Mukesh Ambani’s telecom venture is changing the face of Indian telecom”. Site: Forbes – forbes.com
