NSDL May Start Payment Bank Operations in a Month

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    The National Securities Depositary Limited (NSDL) said today that it is expecting to launch its payment bank's operations within a month and is awaiting Reserve Bank of India's approval for it.

    NSDL May Start Payment Bank Operations in a Month

    The central securities depository has already obtained a license from RBI and filed an application seeking clearance to launch its payments operations, said its managing director and CEO GV Nageswar Rao to PTI reporters.

    The license to set up a payments bank whose focus would be digital payments has been given by RBI to NSDL. Rao also said that it will be able to commence the service in a month's time.

    The application for the commencement of its operations is with the RBI, he added.

    NSDL currently stores certificates of as many as 40 universities in India besides CBSE, in electronic form. It expects all the universities in India to come onboard in two to three years.

    Rao also said that all school and college certificates can be stored in digital format in NSDL, and this way every student would have a digital account.

    Currently, about 50 lakh certificates are lodged in the depositary.

    Read more about: nsdl payments bank
    Story first published: Wednesday, May 9, 2018, 16:28 [IST]
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