Telenor, Vodafone to apply for payment banking permits

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bankNorway’s Telenor and British telecom major Vodafone are set to apply for payment banking permits in India, according to reports.

The companies are in discussions for roping in a local partner each since current guidelines don’t allow foreign entities to fully own a payment bank.

As the payment bank guidelines limit foreign holding at 74%, they need to find local partners to provide the service that offers a new revenue opportunity.

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