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Payment bank licence for 11 entities
Highlights
The RBI has finally issued payment bank licence to 11 entities, including Reliance and Department of Posts. The central bank has given it in-principle approval to set up non-lending payment banks as part of financial inclusion drive.
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New Delhi: The RBI has finally issued payment bank licence to 11 entities, including Reliance and Department of Posts. The central bank has given it in-principle approval to set up non-lending payment banks as part of financial inclusion drive.
Companies run by billionaires Mukesh Ambani and Kumar Mangalam Birla as well as telcos Bharti Airtel and Vodafone are among the 11 entities. RIL had previously announced partnership with SBI, Airtel M Commerce Services, Aditya Birla Nuvo, Vodafone m-pesa, Tech Mahindra and Dept of Posts got approvals.
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