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Vodafone in Talks to Offload 49% in Payments Bank

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Vodafone is in initial talks with the Piramal group and HDFC Bank to sell as much as 49% of its payments bank arm, more than the 26% it has to compulsorily divest, with an aim also to cross-sell financial services products from the eventual partner. Payments banks have to follow the foreign investment rules that cover commercial banks. This means, foreign holding, such as by Vodafone, can’t be more than 74%.

Vodafone had a tie-up with ICICI Bank for its M-pesa mobile wallet, and a further partnership with the nation’s largest private sector bank was logical. But one of the people said the bank had chosen FINO, a micro-finance company germinated in ICICI Bank, as its payments bank partner. Read more

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Sweekar S

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