Business

Sachin Bansal exploring the idea of opening up his own bank

Sachin Bansal might open his own bank to explore a fintech idea

Sachin Bansal is a name that is attached to the $1 billion he has earned from his e-commerce venture Flipkart. The man sits on piles of money which he is thinking to invest in legitimate businesses and earn returns in the future. Bansal recently invested in Ola once again and has grown to become a close ally of Bhavish Agarwal. He has promised Ola that he would invest a total of $100 million. Apart from this, all of his steps lead to one thing and that is fintech and so does BAC acquisitions.

The man is looking to build on the amount of money he has. He has turned into an angel investor on many occasions and also invested in many of the new and upcoming businesses. The fact that almost all his investments barring Ola lean on the side of fintech, tell us that he has an interest in the field. Bansal also acts as mentors to many budding businessmen and he is currently guiding multiple businesses to the path of glory.

That said, there have been some rumors about his next venture and it’s a big one. One of his interests in the fintech business has led him to explore the option of opening up a legitimate bank. He is exploring the idea of doing so and is working towards it as well. There are certain barriers and those barriers could come in the way of Sachin to open a bank.

Sachin was talking to ET when he told them that everything is at an informative state and nothing is concrete. There is a possibility but it is meek and cannot be confirmed. He also stated that saying anything beyond that would be largely inappropriate. “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 told ET.

That said, to be eligible to open a bank, one needs to have INR 500 crore and should also have experience of running a business for ten years. Bansal fits into both of these categories. However, there are further rules and regulations that need to be followed. The thing that is hard for Bansal is to source cheaper deposits or liabilities. This also comes down to having multiple products that will give fee incomes.

This venture runs along the lines of BAC Acquisitions whose main aim is to acquire, maintain and develop a business. The bank’s idea also runs along this line as it will help them speed up this side of the business.

-Unmesh Phule

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