Vodafone India Wednesday said the payments bank licence will enable it offer a comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy.
Tech Mahindra on Wednesday said its sister company Mahindra Finance will become equal shareholder if the Reserve Bank clears its payment bank licence, and the company is also in talks with the World Bank Group member IFC for a partnership in the foray.
The Reserve Bank will soon invite applications for issuance of licences in three categories -- small banks, payment banks and universal banks -- to achieve financial inclusion target, Financial Services Secretary G S Sandhu said Wednesday.
Moving to a time-defined process, the RBI Monday fixed schedules for various regulatory approvals, including grant of private bank licence, and also released a citizens' charter for its various services like clearing of transactions.
RBI Thursday said it will look at whether there is any conflict of interest arising out of a bank licence application filed by Aditya Birla Nuvo, whose group Chairman Kumar Mangalam Birla happens to be on the board of the central bank.
Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital and Bajaj Finserv are among the 26 private and public sector entities which have applied to RBI for grant of bank licences.
The Mahindras on Monday said they will not be applying for a bank licence, becoming the first conglomerate which was said to be 'a potential licensee' to opt out, citing "disadvantageous" and unclear norms.
The clarifications issued by Reserve Bank on new bank licence norms Monday leave lesser room for regulatory discretion and disputes and make very serious players like deep-pocket corporates to finally seek the licence, said experts.
The Reserve Bank Monday sought to allay apprehensions over the lack of level-playing field on issues like rural branch presence and foreign holdings between the existing lenders and the new ones who are to be granted licences.