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June, 11th 2010

The consumer finance business of Anil Ambani- controlled Reliance Capital Ltd (R-Cap) will exit the unsecured loans segment and focus only on asset-backed finance, the divisions chief executive K.V. Srinivasan said. Srinivasan, who heads Reliance Consumer Finance Pvt. Ltd, a subsidiary of R-Cap, said unsecured loans were no longer a fit with R-Caps consumer finance business strategy.

We will only focus on lending for creation of productive assets in the future, he said on Wednesday.

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