Reliance Capital has businesses in asset management, mutual funds, life insurance and general insurance, commercial finance, home finance, stock broking, wealth management services, distribution of financial products, private equity, asset reconstruction, proprietary investments and other activities in financial services.

The Reserve Bank of India (RBI) had on 29 November 2021 superseded the board of Reliance Capital in view of payment defaults and serious governance issues.

In 2002, Reliance Capital Ltd shifted its registered office to Jamnagar in Gujarat before it finally moved to Mumbai in Maharashtra, in 2006.

[9] In June 2019, auditors of PwC resigned citing that they weren't allowed to carry on their audits if Reliance Capital prevented it from exercising independent judgment in making a report to the members of the company.

On the other hand, Reliance has claimed that there has been no diversion of money; zero loans and or liquidity have been provided by any lender in the PwC audited period.

[11] Reliance Capital obtained its registration as a non-banking finance company (NBFC) in December 1998.

It has since diversified its activities in the areas of asset management, life and general insurance, commercial finance, stock broking, private equity and proprietary investments, asset reconstruction, distribution of financial products and other activities in financial services.

The total gross written premium (GWP) for the year which ended 31 March 2017, was ₹40.07 billion (US$460 million).

The company has over 1,750 distributors serving over 33,300 customers across 90 locations, through a hub and spoke model, across the country.

[35][36] In 2012, Nippon Life Insurance bought 26% stake in Reliance Capital Asset Management for Rs.

[37] India's leading financial daily Economic Times wrote, "Since Reliance General Insurance is one of the leading players with 8.4 per cent market share, the proposed stake sale is expected to generate handsome capital gains for Reliance Capital...

"[38] Reliance Capital in July 2014 announced the merger of its global film and media services business with Prime Focus to create an entity with a combined turnover of over Rs 1,800 crore.

[39] In July 2017, it sold its 1% share in Paytm to China's Alibaba Group for Rs 275 crore, making a profit of 2,600%.