Reliance Cap to launch consumer finance biz

Reliance Capital, which is present in mutual fund, insurance, stock broking and private equity space, said on Tuesday it will start its consumer finance business shortly.

"We will start the consumer finance business shortly," Reliance Capital Chairman Anil Ambani said while addressing the shareholders at the company's AGM.

While denying any move to become a bank, he said the company may consider promoting or acquiring a bank if policy permits. The company would also ramp up it work force to 50,000

in the next two years, Ambani said.

Reliance Capital group company -- Reliance Money has emerged as the largest money transfer company in private sector recently.

Reliance Money, an electronic transaction platform, offers wide range of asset classes. It provides a single window access to equities, commodity derivatives, mutual funds, IPOs, life and general insurance products, offshore investments, money transfer, money changing and credit cards.