Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
Select metal stocks rebounded while power stocks extended losses after SC verdict on coal block allocations.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
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