"We have applied for the final licence and are looking at launching the bank by May," managing director and chief executive GV Nageswara Rao told reporters here.
It can be noted at least three in-principal licensees -- Tech Mahindra, Dilip Shanghvi and Cholamandalam group -- have opted out.
NSDL, the biggest security depository, has not spoken much about its plans till now.
On January 20, Rao had said they would be launching the banking venture in three months. The new payments bank venture will be a separate entity housed within the 20-year- old securities depository and will be led by an independent team starting with a chief executive, he had said.
The leadership team had been identified and was to be announced soon, Rao had said then. However, he, declined to answer further questions today.
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