Tech Mahindra drops plans to start payments bank, to surrender license to RBI soon

Tech Mahindra said it was dropping its plans to start a payment bank and would surrender its payment bank license to the Reserve Bank of India.

Sun Pharma promoter Dilip Shanghvi and Cholamandalam Investment and Finance Co. had already announced that they would not be setting up the bank.

The RBI had initially received 41 applications to start a payment bank in February 2015 and issued 11 final in-principle licenses in August.