Telenor, Vodafone to apply for payment banking permits

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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