Vodafone India is one of several companies to have applied to the country’s central bank for a permit to operate a payments bank.
According to Reuters, the Indian unit of Vodafone Group is also exploring options for partnerships. Should its application for a permit be successful, the comp any plans to offer basic banking services to millions of users across India.
The Business Standard reported that the Reserve Bank of India had received 41 applications for payments banks by the deadline on Monday. Payments banks can take deposits but are not allowed to lend. The RBI also received 72 applications for permits to operate small finance banks.
According to a report in the Economic Times, other leading corporates including Bharti Airtel have applied for a banking permit.
The paper added that Bharti Airtel has signed on private sector lender Kotak Mahindra Bank as a partner for its own payments bank.
The RBI has now formed two external committees to evaluate applications received, although it has not said how many banking licences will be issued in total. It is also not clear how long the evaluation process will take.
