Mukesh Ambani's Banking & Fintech Ambitions

Mukesh Ambani owener of Reliance companies. Reliance has been in expansion mode for quite some time now. The Oil and Gas major is now actively expanding into the telecom, retail, e-commerce and tech-sector. Reliance is acquiring and making investments in startups and internet companies. The new avenue where Reliance may venture into is the financial services sector.

Reliance in Fintech

Reliance has its presence in the financial services sector in the form of Jio Payment Bank (JPB). JPB is joint venture between Reliance Industries and the State Bank of India. As per RBI guidelines, Payments Bank can only take deposits. But these payment banks can not launch any lending or credit products.

As per a press release from the Reserve Bank of India, two new entities have applied for a small banking license in the month of August 2021. These two entities are Cosmea Financial Holdings and Tally Solutions.

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Tally Solutions Explaination

Tally Solutions is a software company that developed the most used bookkeeping and ERP software for Small businesses in India. Tally software is used by crores of small and medium businesses in India. For a company that has a strong network among small and medium businesses, a bank could become the next growth engine.

The shareholding pattern of Tally Solutions presents an interesting picture. The single largest shareholder of Tally Solutions is Bhakti Manoj Modi. Bhakti Modi owns 49.77% shares of Tally Solutions. The family of Tally founder Bharat Goenka collectively owns the remaining 50% shares of the company. Bhakti Manoj Modi is married 50% shares of the company. Bhakti Manoj Modi is married to Tejas Goenka, the managing director of Tally Solutions and son of Tally’s founder Bharat Goenka.

Bhakti Manoj Modi is the daughter of Manoj Modi. Manoj Modi is one of the closest aides of Mukesh Ambani. According to reports in leading Indian Media, Manoj Modi is the 2nd most powerful person in the Reliance business empire. In 2016, the Ambani family hosted a party to celebrate the marriage of Bhakti Modi and Tejas Goenka.

If Tally Solutions is able to acquire a Small Finance Bank License, it will mark a great step for Reliance and its new super and dreams. The possible Tally Small Finance Bank may prove to be the financial service segment for Reliance’s growing e-commerce business.

Press Release

As per a press release from the Reserve Bank of India, two new entities have applied for a small banking license in the month of August 2021. These two entities are Cosmea Financial Holdings and Tally Solutions.

If Tally Solutions is able to acquire a Small Finance Bank licence, it will market a great step for Reliance and its new super app dreams. The possible Tally Small Finance Bank may prove to be the financial services segment for Reliance’s growing e-commerce business

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