Sudhir Valia, Executive Director of Sun Pharmaceutical Industries and promoter of Fortune Financial Services, is acquiring a 51% stake in one of the applicants for a payments bank, Pay Point India Network.
Valia has joined the other high-profile aspirants such as Future Group’s Kishore Biyani, Muthoot promoter MG George Muthoot and Sun Pharma founder Dilip Shanghvi in the race for payments bank.
Payments Banks
Objective of payments banks is to increase financial inclusion by providing small savings accounts, payment/remittance services to migrant labour, low income households, small businesses, other unorganised sector entities and other users by enabling high volume-low value transactions in deposits and payments/remittance services in a secured technology-driven environment.
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