NSDL Payments Bank to commence operations in few weeks

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NSDL Payments Bank could very well be the latest payments bank to commence operations in the country, with it likely to commence operations in a few weeks. This is according to a report by The Times of India.

NSDL-Payments-Bank
NSDL Payments Bank is likely to start operations soon.

NSDL Payments Bank recently got the clearances from the Reserve Bank of India. SP Narayanan will head the bank.

The payments bank is a completely owned subsidiary of NSDL (National Securities Depository Limited) which is the world’s third-largest securities depository (with regards to volume).

UTI and NSE, both of whom have opted to dilute their share in the organisation, originally promoted the bank.

The RBI had given in-principle permission to eleven organisations to set up payments bank, with NSDL being one of them. Three of the applicants who received an in-principle nod from the RBI have chosen to drop out.

According to the report by Times of India, the deposit base of all the payments bank in the country stood at Rs.540 crore as of May 2018.

NSDL has a number of prominent banks as its promoters/shareholders. Some of the big names include IDBI Bank, SBI, HDFC Bank, Axis Bank, HSBC, Canara Bank, Union Bank of India, Kotak Mahindra Bank, and Dena Bank.

Sources: Times of India, NSDL website.

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