Breakingviews - Mukesh Ambani will take credit where it’s due

Jio Financial might be able to raise money to lend at better rates than rival shadow lenders because Reliance is ratedthe sovereign whose 10-year bonds yield 7.2%. The conglomerate will be no match for traditional banks, however. India’s three largest private banks have cheaper access to funding because they only pay 3% for on-demand deposits of up to $60,000.

It’s widely believed that Ambani’s ultimate ambition is to have a fully-fledged bank, an area the Reserve Bank of India has tried to keep tycoons out of. Reliance’s lending business is getting ready to ramp up and it owns a separate licence to raise deposits. That doesn’t quite add up to a bank, but it is enough reason for rivals and regulators to squirm.Reliance Industries on Nov. 4 announced the appointment of K.V.

On Oct. 21, Reliance revealed plans to spin off Reliance Strategic and rename it Jio Financial Services. A 6.1% stake in the Mumbai-listed parent company will also be transferred to the new entity that will be listed in Mumbai.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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