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Vodafone , the country's second largest telecom operator, will launch its payments bank within three months, Sunil Sood, managing director, Vodafone India told Business Standard.
Sood said that the company is in final stages but it hasn’t applied for the final license yet. "Our plan is on track for launch by March,” he added.
The telco already has an in-principle approval from the Reserve Bank of India for a payments bank.
In August last year, RBI gave the in-principle license for opening a payments bank to 11 entities; of these, three have decided not to proceed, on profitability concerns.
So far, only Airtel has launched its payments bank. Airtel Payments Bank has rolled out pilot services across Rajasthan and has opened over 100,000 savings accounts in less than two weeks of commencing services. It plans to shortly extend its pilot services to the southern states of Andhra Pradesh, Telangana and Karnataka.
A payments bank may only accept deposits; it can’t lend.
Vodafone India: vodafone india to launch payments bank by march, Telecom News, ET Telecom
Sood said that the company is in final stages but it hasn’t applied for the final license yet. "Our plan is on track for launch by March,” he added.
The telco already has an in-principle approval from the Reserve Bank of India for a payments bank.
In August last year, RBI gave the in-principle license for opening a payments bank to 11 entities; of these, three have decided not to proceed, on profitability concerns.
So far, only Airtel has launched its payments bank. Airtel Payments Bank has rolled out pilot services across Rajasthan and has opened over 100,000 savings accounts in less than two weeks of commencing services. It plans to shortly extend its pilot services to the southern states of Andhra Pradesh, Telangana and Karnataka.
A payments bank may only accept deposits; it can’t lend.
Vodafone India: vodafone india to launch payments bank by march, Telecom News, ET Telecom
