Stimulated by the grant of the payments bank license, the applicants who had been successful have stated that they might launch the services before the 18 months deadline. This deadline was set by the Reserve Bank of India (RBI).
The Paytm Founder, Vijay Shekhar Sharma is one of the applicants who had been successful. He stated that he will start the banking operations prior to the deadline that is fixed.
Regarding the same, Sharma stated that they want to launch the payment bank quite earlier than 18 months. He further claimed that they will go standalone and will not need anyone when money is concerned.
Furthermore, he claimed that with the approval from RBI, the company will be capable of driving the overall commitment to the financial inclusions made in the unbanked segment. Also, it will modernize the payment solutions and also build more trust on the services that are provided.
G V Nageswara Rao, the CEO and Managing Director at NSDL stated that the firm will like to go alone wit the options open. He stated that there are no specific timelines to share, but the real work begins right now.
It will be for different niches that different people will pick. Hence, it will aid in the promotion of the financial inclusion. This was revealed by Vellayan Subbiah, the Managing Director at Cholamandalam Investment and Finance.
DSA is the major promoter in this application apart from Telenor Group and IDFC. Also, Sunil Sood, the Managing Director and CEO of Vodafone India stated that the license will let the firm build on the same further. It will provide a more detailed portfolio of banking as well as financial services and products. The same will accelerate the journey of India in becoming a cashless economy.
Airtel stated that the Airtel M Commerce Services will have a major role in the process of brining millions of Indians into the banking industry. Almost 11 entities such as Reliance Industries, Department of Posts, Aditya Birla Nuvo and Tech Mahindra are seeking approval to set up payment banks.