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RBI has given its approval to set up payments banks to Reliance, Airtel, Vodafone and eight others

On Wednesday, the Reserve Bank of India has granted ‘in-principle’ approval to 11 entities for setting up non-lending payments banks as part of the financial inclusion drive.

The entities who got the approval includes Reliance Industries, Aditya Birla Nuvo, Department of Posts, Airtel M Commerce Services Limited, Fino Pay Tech Limited, National Securities Depository Limited, Dilip Shantilal Shanghvi, Vijay Shekhar Sharma, Tech Mahindra Limited and Vodafone m-pesa Limited.

The licence of payments bank will allow the companies to collect deposits (initially up to Rs 1 lakh per individual), facilitate money transfer, offer internet banking and sell insurance and mutual funds.

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