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Mahindra Finance eyes 50 per cent stake in proposed payment bank

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Mahindra Finance eyes 50 per cent stake in proposed payment bank, for which a group entity has applied for a licence from Reserve Bank of India (RBI).

Tech Mahindra, a subsidiary of Mahindra & Mahindra, has applied to RBI for a permit to set up Payment Bank. The licences for which are expected to be granted in the next few months.

Payment banks would be allowed payments and remittance services through various channels.

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