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Dilip Shanghvi, Telenor, IDFC Bank drop plans to form payments bank

By PTI

  • 20 May 2016

Telenor Financial Services, IDFC Bank and Sun Pharma's Dilip Shanghvi have decided to withdraw their licence to set up a payments bank.

They are the second applicant to withdraw from the licence after Cholamandalam group pulled out of payments banks race a couple of months back.

In a joint press statement, the partners said: "Dilip Shanghvi, IDFC Bank and Telenor Financial Services jointly agree to withdraw plans to establish a payments bank venture and consequently the payment bank licence will not be pursued." 

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Last September, Dilip Shanghvi, Chairman of Sun Pharma, as lead applicant along with Telenor Financial Services and IDFC Bank, was granted in-principle licence by Reserve Bank to form a payments bank.

"Following the mutual decision to withdraw from setting up a payments bank, the licence will not be pursued," said Shanghvi on behalf of Dilip Shanghvi Family & Associates.

Last year, RBI had allowed 11 companies, joint ventures or individuals including Reliance-SBI, Vodafone, Bharti Airtel and PayTm, among others to set up payments banks. None of them have launched the service yet, though.

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