Vodafone India seeks payment bank licence

NEW DELHI: Telecom service provider, Vodafone India has applied for a payments bank licence with the Reserve Bank of India (RBI). The company is exploring options for partnerships for the proposed banking venture.

The Payment banks would be allowed payments and remittance services through various channels. However, such lenders, cannot issue credit cards or undertake lending activities.

“We are keen and remain highly committed to building a financially inclusive business model leveraging our telco strengths and experience in the mobile payments space, fully aligned with the government and RBI’s vision,” the company said in a statement.

According to a statement from RBI,  it has received 72 applications for small finance banks and 41 applications for payments banks up to the deadline  (February 4) for submission.