Vodafone, Airtel get nod for payment banks from RBI
The Reserve Bank of India (RBI) gave approval for 11 entities, including telecoms like Bharti Airtel and Vodafone to set up payment banks. These banks can accept deposits and remittances, but will not advance loans. Vodafone India finds this as an opportunity to accelerate India’s journey into cashless economy. “We are grateful to the RBI for giving us the license for setting up a payment bank. With over 90,000 ‘M-Pesa’... Read More