Banking

NSDL to launch its payments bank by May

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In alignment with central government’s Digital India campaign, National Securities Depository Limited (NSDL) has decided to launch its payments bank by May this year.

“The depository has already asked Reserve Bank of India (RBI) for the final approval pertaining to payments bank,” said G V Nageswara Rao, managing director and chief executive officer, National Securities Depository Limited (NSDL).

However, he refused to provide any further details, reported the Business Standard.

“We will launch the payments bank by May,” said Rao.

NSDL was one of the 11 entities given licences for payments bank. Three of the original applicants have already returned their licences.

So far Airtel Payments Bank and India Post Payments Bank have launched their services, while Paytm is in the process to launch its payments bank.

Paytm had earlier announced the launch of its Payments Bank on February 21.

 

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