Flipkart co-founder Sachin Bansal is planning to foray into the Indian financial services sector, reported The Economic Times.

Share Market Live

NSE

The move comes at a time when the country’s financial services sector has drawn investments from the likes of Chinese billionaire Jack Ma’s Alibaba to Japanese investment powerhouse Soft-Bank.

Bansal is in discussions with financial experts on the potential to launch a new venture and has met RBI executives to figure out the regulatory needs to be eligible to start a bank, the report said citing two people close to the development.

“Given the role that financial services play in the economy, it is one of the options we are looking at, it’s a business area we are exploring…At this stage, saying anything beyond that would be inappropriate… it would also be premature to talk about the hows and whys while we are still at an exploratory stage,” Bansal said in an email reply to ET’s questions.

To be eligible for a banking licence, according to RBI rules, the promoters must bring in equity of at least Rs 500 crore and have the experience of successfully running a business venture for at least 10 years.