Sachin bansal steps forward to make his contribution in the fintech by starting a bank

The name Sachin Bansal is going to set another benchmark for the Entrepreneurs by experimenting his luck over something which is one of his business interests. The co-founder of Flipkart is all set to explore his next entrepreneurship stint in the start-up ecosystem and is reportedly about to explore opening bank from scratch.  

It has been a decade that he founded the e-commerce website, Flipkart with Partner Binny Bansal and now he is ready to set new benchmarks in the banking sector. He decided to quit the digital platform post the US-based retail Titan had picked up a 77 per cent stake in Bengaluru-based online retail company for USD 16 Billion in May 2018. The billionaire has been evaluating a few options including that of building a bank. According to reports Bansal has received USD 1 Billion by selling his 5% stake in Flipkart.

In order to take this step with full knowledge about the banking sector he has been reportedly meeting few executives at the RBI. Not just this, Bansal in fact has been in conversation with financial experts to gain more knowledge before launching a new venture in the fintech sector.

RBI rules makes this imperative for the promoters to bring in equity of at least INR 500 crore and experience a successful running business venture for at least 10 years for fitting into the eligibility criteria of having a banking licence.

As far as raising funds is concerned after cashing in $1 Bn from his decade-old-e-commerce start-up Flipkart, Bansal must not face much trouble.