11 companies get permission from RBI to act as Payment Banks out of 41 companies


  • RBI gave permission to 11 payment banks among which Bharti Airtel, Vodafone, Reliance Industry, Aditya Birla Nuvo, Idea Cellular exist
  • Countries Postal Office also received green signal from RBI to act as Payment Banks.
  • These 11 applicants will be given approval “in-principle” for 18 months and will get licenses if they fulfill all the conditions laid by RBI.
  • RBI allowed these banks to take deposit and remittances but will not permit to lend money.
    These banks are meant to make banking services available to everyone in the country

source :ET

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