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NSDL hopes to launch payments bank by May

Press Trust of India  |  Mumbai 

today said it has applied to the Reserve for the final licence for its payments and is aiming to launch the entity by May.

"We have applied for the final licence and are looking at launching the by May," managing director and chief executive GV Nageswara Rao told reporters here.

He said has replied to all the queries posed by the Reserve Bank since being granted the in-principal nod in 2015, after which the application for the final licence was made.

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 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.

Meanwhile, today entered into a tie-up with private sector lender to offer an online loan- against-shares facility for the latter's demat holders.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 18:14 IST