Bank licence News

On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakh from the DICGC. The Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator. The release further said consequent to the cancellation of its licence, Shivajirao Bhosale Sahakari Bank is prohibited from conducting the business of banking, including acceptance of deposits and repayment of deposits, with immediate effect.

Vodafone India Wednesday said the payments bank licence will enable it offer a comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy.

Tech Mahindra on Wednesday said its sister company Mahindra Finance will become equal shareholder if the Reserve Bank clears its payment bank licence, and the company is also in talks with the World Bank Group member IFC for a partnership in the foray.

Kishore Biyani-promoted Future Group Monday applied for a payments banking licence and will partner in this venture with IDFC, which has already been allowed by RBI to set up a full-fledged bank.

Looking to foray into banking business, Reliance Industries has teamed up with state-run behemoth SBI to apply for a payments bank licence.

Kotak Mahindra Bank, which is in a tie-up with Bharti Airtel for niche bank licence, looks at payment bank as an asset origination opportunity.

Private sector lender Kotak Mahindra Bank will have a 19.9 percent stake in the proposed banking venture of Bharti Airtel.

The Reserve Bank will soon invite applications for issuance of licences in three categories -- small banks, payment banks and universal banks -- to achieve financial inclusion target, Financial Services Secretary G S Sandhu said Wednesday.

Moving to a time-defined process, the RBI Monday fixed schedules for various regulatory approvals, including grant of private bank licence, and also released a citizens' charter for its various services like clearing of transactions.