RIL Joins Hands With SBI, Hopes To Get Payments Bank Licence
Advertisement
Advertisement
Earlier, Aditya Birla Nuvo Limited (ABNL), which manages mobile operator Idea Cellular, and the Future Group had also applied for licences. According to
The Reserve Bank of India (
Some of the applicants, including
The RBI had issued licences to Infrastructure Development Finance Company (IDFC) and Bandhan to set up full-fledged banks in 2014.
Advertisement
Muthoot Fincorp, which was looking to apply for a small finance bank, has now backed out. "The RBI guidelines say we have to convert the current business into small finance business. We are not sure how it will play out," said Muthoot Fincorp Executive Director Thomas Muthoot.
Payments bank is allowed to raise deposits of up to Rs 1 lakh per individual. It can also issue ATM cards and sell products like mutual funds. However, they are not allowed to issue credit cards.
Image: Thinkstock
Advertisement
- Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?
- Thoughtful gift ideas to make Mother's Day extra special
- Muslims up, Hindus down: What’s the larger picture behind India’s religious population trends?
- Scooch over magic mushrooms, toad venom could be the next big psychedelic for depression and anxiety!
- TBO Tek IPO allotment – How to check allotment, GMP, listing date and more
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market