Aditya Birla Nuvo, the telecoms investor, and
retailer Future Group were among the first big names to apply for licences to
run proposed payments banks, under rules meant to put basic banking services
within the reach of hundreds of millions.
The deadline for applications to run payments
banks, which cannot lend, and also for permits to run small finance
banks is Monday.
Concerned authorities, including the Reserve
Bank of India (RBI) which will award the licences, hope the permits will further financial
inclusion in the country, where nearly half the population does
not have access to formal banking.
Aditya Birla Nuvo, which is the biggest
shareholder in Idea Cellular, the country's third-biggest cellular carrier,
said it plans to own 51 per cent of the payments bank, while Idea will own the
remainder. Idea can later raise its holding to 60 per cent.
Future Group, one of the biggest domestic
retailers, also said it had applied on Monday for a payments bank permit.
Earlier, Bharti
Airtel - the top telecommunications carrier in the country, has
said it would apply.
Dozens of companies are expected to bid, as
the country hopes networks of mobile phone vendors, fuel stations and corner
stores can extend the reach of the banking system.
(Reuters)
