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RIL, telcos among 11 firms to launch payments banks

RBI says unsuccessful applicants can get licences in future under 'on-tap' system

The Reserve Bank of India (RBI) on Wednesday allowed 11 business houses, including Reliance Industries, the Aditya Birla group and leading telecom companies Airtel and Vodafone to start payments banks. Bharti Airtel and Reliance Industries had earlier tied up with Kotak Mahindra Bank and State Bank of India, respectively, for payments bank operations. The Reliance-SBI payments bank has an ambitious plan to cover 250,000 villages and 5,000 towns in three years. While it plans to start with a Rs 100-crore capital base, this will be ramped up to Rs 400 crore in three-four years, ...