RBI agrees to give payments bank license to 11 applicants

A total of 11 companies have been given ‘in-principle’ approvals for 3 years to set up payment banks. After the stipulated period they will be handed licenses if they fulfill all conditions listed by the RBI.

The list of successful applicants includes Bharti Airtel, Vodafone India, Reliance Industries, a joint venture of Aditya Birla Nuvo, Idea Cellular and the country's Postal service.

The RBI said around 41 companies had applied, adding, “some of the entities who did not qualify in this round, could well be successful in future rounds."

Payments banks can accept deposits and remittances but can’t offer loans.

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