Mumbai: Sam Ghosh, who led Reliance Capital for nine years until 2017, has submitted a small financial bank license (SFB) through its hunch of Cosnea Financial Holdings.
Ghosh is making a game into financial services and, with the support of private equity investors, and is looking at various opportunities including reliance businesses sold as part of the debt resolution plan.
RBI on Monday released the names of applicants for small financial bank licenses.
Besides Cosmea, Tally Solutions, a company identical to accounting software in India, has also submitted a bank license.
Tally products and services are used by business throughout India and in more than 100 countries.
The monetizing process of Reliance Capital assets is being carried out under the direction of the Debentures and Debenture Trustee Vistra India holders committee, which accounts for 93% of the company’s debt.
The source close to Ghosh said that he bid RCAP assets.
Finance Professional plans to build a new financial services business or acquire existing companies.
The application for SFB is part of a plan to build a new business.
Responding to the Cosmea request said in a statement “We confirm our application for small financial banks.
We are funded by PE and licenses in line with the Cosmea plan to gain a strong footing in various businesses in the BFSI sector.
We cannot disclose further information at this point.
Ghosh Come to India as the guarantor of the German insurance company Allianz and headed first in general and then a non-life joint venture with Bajaj.
In 2008 he moved to Reliance Capital as CEO.
He plays an important role in growing the business of life and non-life and building partnerships with life Nippon.
In 2017 he left the group to join the Bharti Group financial services business.
In 2019, Ghosh stopped Bharti to pursue his plans in financial services.