Multiple banking relationships have benefits but also impose costs; choosing to partner with numerous banks is a strategic choice worthy of further research. Moreover, organizational forms such as business groups have access to group-wide financial and informational resources and therefore may not seek such banking relationships. Thus, to understand the relationship between group affiliation and multiple banking relationships, we utilize insights from the substantial body of research on business groups to theorize that financial and informational resources provided by associating with several banks complement those provided on account of group affiliation. We further draw on research on institutional voids to suggest that creditor reforms benefit standalone firms more than group affiliates in creating a more equitable environment for firms seeking credit. Thus, we expect business group affiliation to positively relate to multiple banking relationships, with the baseline weakening after the onset of creditor reforms. We find strong support for our predictions on a sample of 14,305 Indian firms from 1989 to 2022. Our novel insights seek to contribute to the research on business groups, specifically to research questioning the relevance of business group affiliation in emerging economies and research on multiple banking relationships.