Ex-RBI Deputy Governor MK Jain to Join Reliance Industries as Advisor

MK Jain, the former deputy governor of the Reserve Bank of India (RBI), is set to join Reliance Industries as an advisor.

With certain sources suggesting that Mukesh Ambani's conglomerate has been looking to bring in talent from the banking sector to strengthen the senior managerial cadre.

Earlier in the year, Jain was appointed by the Reserve Bank of India (RBI) to head a standing external advisory committee set up for evaluating applications for universal and small finance banks. An email that had been sent to the RBI on Monday was not responded to, while a spokesperson for Reliance Industries declined to comment on the appointment.

Jain retired from RBI in June 2023 and is credited for the successful resurrection of IDBI Bank and Indian Bank. Jain will advise the top leadership of Reliance Industries in strategizing its financial services business.

The financial services unit of Reliance Industries was spun off into a separately listed entity, Jio Financial Services, in July 2023. As of Tuesday, the Ambani family holds a 47.12% shareholding in the company valued at ₹1.38 trillion.

Jain's appointment coincides with the time when other business conglomerates, including the Tatas, are investing huge sums into the financial services sectors. Since going for the listing, Jio Financial Services, under former banking veteran KV Kamath as its chairperson, has ramped up its distribution channels with a focus on digitally acquiring customers and businesses.

The company has several subsidiaries, including its non-banking financial company (NBFC) arm, Jio Finance, which operates nine offices across seven cities to facilitate last-mile fulfillment.

Another subsidiary, Jio Payments Bank, has grown its network of business correspondents to around 7,300 agents nationwide.

Meanwhile, Jio Payment Solutions, a subsidiary, has integrated its payment services with JioBharat, its feature phone, enabling quick onboarding of small merchants.

On the asset management side, Jio’s joint venture (JV) with the world’s largest asset manager, BlackRock, has received in-principle approval for its sponsors, Jio Financial Services and BlackRock.