Security Depository NSDL Hopes To Launch Payments Bank By May
NSDL is aiming to launch its payments bank by May this year.
India’s biggest security depository NSDL on Wednesday said it has applied to the Reserve Bank of India (RBI) for the final licence for its payments bank and is aiming to launch the entity by May.
NSDL has replied to all queries posed by the RBI after it received an in-principal approval in 2015, after which the application for the final licence was made, managing director and chief executive GV Nageswara Rao told reporters. At least three in-principal licensees for payments banks – Tech Mahindra, Dilip Shanghvi and Cholamandalam group – have opted out.
On January 20, Rao had said that the depository would launch its banking venture in three months. The new payments bank venture will be a separate entity housed within the 20-year- old securities depository and will be led by an independent team starting with a chief executive, he had said.
The leadership team had been identified and was to be announced soon, Rao had said then. However, he, declined to answer further questions on Wednesday.
Meanwhile, NSDL on Wednesday entered into a tie-up with private sector lender HDFC Bank to offer an online loan- against-shares facility for the latter's demat holders.
