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Tech Mahindra gets RBI nod for payments bank

By Religare
|

IT giant, Tech Mahindra Ltd said that it has received in-principle approval for setting up of the Payments Bank by the Reserve Bank of India.

"The Company has been granted in-principle approval for setting up of the Payments Bank by the Reserve Bank of India vide its press release dated August 19, 2015," it said in a filing to the Bombay Stock Exchange.

Payments bank licence will allow the company to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds.

 

Meanwhile, shares of the company were trading at Rs 573 a piece, up 2.31 per cent from the previous close at 10:51 hours on BSE.

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