Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start a payments bank.
Reserve Bank of India granted ‘in-principle’ approval to 11 applicants to start payments banks. The Committee of the Central Board (CCB) of RBI has selected 11 entities among the 41 applicant who has the reach and the technological and financial strength to provide service to the customers and promote government’s initiative of financial inclusion across the country. The selected applicants are: · Reliance Industries · Airtel M Commerce Services · Tech Mahindra · Vodafone m-pesa · Aditya Birla Nuvo · Department of Posts · Cholamandalam Distribution Services · Fino PayTech · PayTm · National Securities Depository Ltd (NSDL) · Sun Pharma. As per RBI notification for Payment Banks: · RBI has given ‘in principle’ approval to these 11 applicants to set payment banks is valid for 18 month period. · The