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.
