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IDFC L - Grant of "In-Principle" approval by RBI for Payment Banks

By Religare

With reference to the Press Release dated August 19, 2015 issued by the Reserve Bank of India ("RBI") announcing the names of the entities to whom the In-Principle approval was granted to set up payments banks. Shri. Dilip Shantilal Shanghvi is one of the successful applicants who have been awarded the "In principle" approval for setting up a "Payment Bank".

In this regard, IDFC Ltd has informed BSE that IDFC has entered into Non Binding Letter of Intent with Shri. Dilip Shantilal Shanghvi and Telenor Financial Services AS for setting up a Payment Bank wherein IDFC and/ or its affiliates would be holding 19.99% stake.

Story first published: Thursday, August 20, 2015, 12:30 [IST]
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