Reliance Retail to foray into consumer finance

Reliance Industries Limited, promoted Reliance Retail, is planning a massive foray into consumer finance. Mostly financing of consumer electronics, automobiles and issuing co-branded credit cards for its retail customers. Their are rumors that the company is in talks with both HDFC Bank Limited as well as ICICI Bank Limited. However, experts familiar with the issue said that RIL may also venture into an NBFC for the aforesaid facilities. This may violate the non-compete clause with reliance ADAG group, but oho! well Reliance Retail needs to be care about its consumers and need to be cost efficient as well, mainly in processing credit card transaction which will be a huge business and RIL certainly is thinking the Wal-Mart way of setting up a NBFC for all these operations.