India Post, 10 others get nod for payments banks

 The Reserve Bank of India (RBI) gave approval in principle for 11 entities on Wednesday to set up payments banks.

They are India Post, Reliance Industries Ltd., Aditya Birla Nuvo, Tech Mahindra, Sun Pharma, National Securities Depository Ltd., Airtel M Commerce Services Ltd., Vodafone m-pesa Ltd., Cholamandalam Distribution Services Ltd., Fino PayTech Ltd. and Paytm.

Payments banks will take deposits and remittances, but will not advance loans. In its previous bi-monthly monetary policy, the RBI said the names of the entities would be announced in August. An external advisory committee, which submitted its report on July 6, selected them.

“It has selected entities with experience in different sectors and with different capabilities so that different models could be tried,” the RBI said in a press release.

However, as this is the first time, the central bank said, “It would be difficult at this stage to forecast the most successful likely model in the emerging business of payments.”

Source: TH

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#20, #2015, #august

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