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Telenor Says Applied For Payments Bank Permit With IDFC

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Norway’s Telenor has said that it, along with two partners including IDFC, have applied for a payments banking license in India.

“The primary applicant is a strategic investor based in India, with Telenor and infrastructure financial institution IDFC as supporting applicants,” the telecom company said in a statement. Telenor however didn’t name its third partner.

The Payments Bank guidelines limit foreign holding at 74%. So, Telenor needs to work with local partners to provide the service that offers a new revenue opportunity.

The last date for application with the Reserve Bank of India was February 2. Original post at ET Telecom

Wahengbam Rorrkychand

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Website: http://www.blog.tonsetelecom.com

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