New Delhi, Feb 3 (IANS) Telecom service provider Vodafone India also has jumped onto the bandwagon of payments bank and applied for a licence with the Reserve Bank of India, a company statement said here Tuesday.
"Vodafone has filed an application with Reserve Bank of India (RBI) for the Payments Bank licence. We are exploring options for partnerships. We are keen and remain highly committed to building a financially inclusive business model leveraging our telco strengths and experience in the mobile payments space, fully aligned with the government and RBI’s vision,” the official statement said.
A few top Indian companies, including Reliance Industries Ltd., Aditya Birla Nuvo Limited, Bharti Airtel and Future Group, Monday applied to the RBI for payments bank licences.
Reliance Industries has roped in the State Bank of India (SBI) as an active equity partner as it seeks a licence to extend affordable banking and payments solutions in the country assisted with access to 15,869 branches and vast network of India's largest commercial bank.
Aditya Birla Nuvo Limited (ABNL), promoter and largest shareholder of Idea Cellular, also applied for payments bank licence with the RBI.
The Kishore Biyani-led Future Group also Monday applied for a payments bank licence with the RBI, the banking entity would be called NuFuture Payments Bank.
Last week, Bharti Airtel announced it was teaming up with Kotak Mahindra Bank to apply for payments bank.
The RBI issued guidelines for licensing of payments bank Nov 27, 2014. The apex bank earlier extended the last date for submission of applications to Feb 2.
A payments bank, as defined by the Reserve Bank's draft rules, can accept deposits, both savings and current, up to a maximum of Rs.10,000 initially, with the stated primary role of extending payments and remittance services to small businesses and low-income households.
Besides physical branches, some key facilitators for such services can include ATMs, mobile and internet banking, authorised business correspondents and point-of-sale terminal locations, as in retail stores.
David to overcome Goliath: Yadav
New Delhi, Feb 10 (IANS) AAP leader Yogendra Yadav indicated Tuesday that his party was headed
Not sold in IPL auction, now 7 Indians will play in this league with Pakistani players
The mega auction was organized before the start of the new season of the Indian Premier League. 1
The government's strict attitude towards cryptocurrencies in India and the decision of a heavy ta
On the how's, why's and what's of alcoholism in Goan society (Book Review)
Book: One For The Road; Author: Biula V Cruz e Pereira Publisher: Goa 1556; Pages: 320; Price: Rs
BJP's resolution in Bihar election: 19 lakh jobs and free corona vaccine
The Bharatiya Janata Party has released its resolution letter for the Bihar assembly elections on
Pakistan's Prime Minister Shahbaz Sharif has sent a message to Prime Minister Narendra Modi for t
Because of the weakening of the third wave of Corona, a decision has been taken to relax the rest
The journey of Kerala came to an end with the Congress's Bharat Jodi Yatra reaching Wayanad on We
Mahavir Jayanti 2023: When is Mahavir Jayanti? Know the date, worship, and their principles
According to the Panchang, the birth anniversary of Lord Mahavira, the 24th and last Tirthankara
Ujjain Vikas Dubey, the main accused in the shootout at Bikaru in Kanpur, was dramatically arrest
