RBI grants ‘in-principle’ Approval to 11 Applicants for Payment Banks

The Reserve Bank of India (RBI) has granted ‘in-principle’ approval to 11 applicants for payments banks. Nod has been given to Aditya Birla Nuvo, Airtel M Commerce, Dept of Posts, NSDL, Reliance Ind, Tech Mahindra, Vodafone m-pesa, Cholamandalam Distribution Services, Fino PayTech, Sun Pharma’s Dilip Shanghvi and PayTM’s Vjay Shekhar Sharma.