NSDL to float payments bank by May

NSDL was one of the 11 entities given licences to float payments bank

National Securities Depository Limited (NSDL) plans to float its payments bank by May this year, and the depository has already asked for the final approval from the Reserve Bank of India (RBI) for the same, said NSDL's MD and CEO G V Nageswara Rao.

NSDL tied up with HDFC Bank to launch a completely digital loan against share product offering that would provide loans in minutes.

"We will launch the payments bank by May," said Rao, adding that it would not seek any partner to operate the bank. However, he refused to provide any further details.

NSDL was one of