Friday , May 26 2017

NSDL hopes to launch payments bank by May

NSDL yesterday said that it has applied to the Reserve Bank of India for the final license for its payments bank and is targeting to launch the enterprise by May 2017.

NSDL

NSDL had declared that it has declared to the Reserve Bank of India for the final license for its payments bank and is targeting to launch the professional entity by May of this year. “We have applied for the ultimate license and are considering at launching the bank by May of this year,” the Managing director and chief executive of NSL, GV Nageswara Rao told the reporters here. He also said that NSDL has responded to all the questions posed by the Reserve Bank of India since being approved the in-principal signal in 2015, after which the request for the final license was made now. It can be eminent at least three major in-principal licensees — Tech Mahindra, Dilip Shanghvi and Cholamandalam group — have elected out.

NSDL, the largest security store, has not even spoken much about its plans till now. On 20th January 2017, Rao had said that they would be hurling the banking venture in next three months. The new payments bank project will be a distinct entity held within the 20-year- old securities depository and will be run by an autonomous team opening with a chief executive, he had declared. The leadership crew had been recognized and was to be proclaimed soon, Rao had said then. Yet, he declined to answer other questions now. In the meantime, NSDL now entered into an association with private sector owner HDFC Bank to deliver an online loan- against-shares competence for the latter’s demat holders.

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