Sun Pharma’s Dilip Shanghvi IDFC Bank and Telenor withdraw from payment bank

Q.  Which companies have dropped plans to step up a payments bank in the country?
- Published on 23 May 16

a. Telenor
b. IDFC
c. Both of the above
d. Neither of the above

ANSWER: Both of the above
 
Founder Dilip Shanghvi, IDFC Bank and Telenor have made plans to pull out of the payments banks race after getting permission from RBI for the same. Shanghai along with Telenor Financial Services and IDFC Bank were granted in-principle approval to form a payments bank, by the RBI
  • A payments bank is a differentiated bank that confines activities to acceptance of demand deposits, remittance services and other specified services.

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