Reliance Capital is likely to enter the booming consumer loan market. The company is in the process of setting up a team for the initiative, which aims to focus on personal loan, auto loan and used-car loan businesses.
The move to expand into consumer finance and asset based financing is aimed at covering a broad range of financial services.
While company sources indicated that consumer loans were part of the new business initiatives being planned, a spokesperson for Reliance-ADAG said, "The company examines various business opportunities from time to time. There were no such plans at present."
At the same time, he confirmed that Manavjit Singh, who headed the retail portfolio, including personal loans and auto loans, at HDFC Bank, had joined Reliance Capital.
It has not yet been decided if Reliance Capital will venture into the home loan segment. It will need to obtain a housing finance licence in case it decides to do so, as at present it can carry out activities only as a non-banking finance company.
Reliance Capital already offers mutual funds and insurance products through its subsidiaries.