Reliance Industries to Onboard Former RBI Deputy Governor MK Jain as Advisor

MK Jain, the former Deputy Governor of the Reserve Bank of India (RBI), is set to join Reliance Industries as an advisor, according to a recent news report. His appointment aligns with the conglomerate’s efforts to enhance its financial services business and leadership team.

Reliance Industries, led by Mukesh Ambani, has been actively seeking experienced professionals from the banking sector. However, the company has declined to comment on Jain’s appointment.

Jain’s Legacy in Banking and Regulatory Roles

Jain, who retired from the RBI in June 2023, is widely recognised for his role in reviving IDBI Bank and Indian Bank. His expertise in banking reforms and risk management made him a crucial figure in India’s financial sector.

Earlier this year, the RBI had appointed him to chair the standing external advisory committee responsible for evaluating applications for universal and small finance banks. His deep knowledge of regulatory frameworks and financial institutions makes him a valuable addition to Reliance’s strategic vision.

Reliance Industries’ Financial Services Expansion

Jain’s role at Reliance Industries comes at a pivotal time when the conglomerate is ramping up its presence in financial services. In July 2023, Reliance spun off its financial services arm into a separate listed entity, Jio Financial Services (JFS).

JFS has since expanded its digital and physical footprint under the leadership of KV Kamath, a seasoned banker. The company has been focusing on digital customer acquisition and strengthening its financial ecosystem.

Jio Financial Services and Its Growing Footprint

Jio Financial Services operates multiple subsidiaries across different financial verticals:

• Jio Finance (NBFC Arm): Manages last-mile financial solutions, with nine offices across seven cities.
• Jio Payments Bank: Has built a network of approximately 7,300 business correspondent agents nationwide.
• Jio Payment Solutions: Has integrated payment systems with JioBharat feature phones to support small merchants.
• Jio BlackRock Asset Management: A joint venture with BlackRock, the world’s largest asset manager, which has received in-principle approval and awaits final clearance from the Securities and Exchange Board of India (Sebi).

Competition in the Financial Services Sector

Reliance is not the only major business group investing in financial services. Other large conglomerates, including the Tata Group, have been making significant moves in the sector, recognising the growing demand for digital and retail financial solutions.

Conclusion

With Jain’s extensive banking experience, his advisory role at Reliance Industries could support the company’s strategic decisions in its expanding financial services division.

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