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RBI grants in-principle nod to 11 cos for payment banks

The central bank has approved applications of NSDL, Reliance Industries, Aditya Birla Nuvo, Airtel M Commerce among others.

The Reserve Bank of India (RBI) today granted in-principle nod to 11 payment banks applicants. The RBI had received 41 applications for payments banks.

The central bank has approved applications of National Securities Depository Limited (NSDL), Reliance Industries , Aditya Birla Nuvo , Airtel M Commerce among others.

A payment banks differs from conventional banks as it cannot lend to its customers. It is allowed to take deposits, allow remittances and provide simple financial products.

Name of other applicants that have received nods:

– Department of Posts

– Fino PayTech

– Tech Mahindra

– Vodafone m-pesa

– Cholamandalam Distribution Services

– Paytm’s Vijay Shekhar Sharma

– Sun Pharma ‘s Dilip Shanghvi.

The RBI’s “in-principle” approval will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfil the other conditions as may be stipulated by the central bank.

 

Reliance stock price

On August 19, 2015, Reliance Industries closed at Rs 952.70, up Rs 8.35, or 0.88 percent. The 52-week high of the share was Rs 1067.00 and the 52-week low was Rs 796.75.


The company’s trailing 12-month (TTM) EPS was at Rs 72.23 per share as per the quarter ended June 2015. The stock’s price-to-earnings (P/E) ratio was 13.19. The latest book value of the company is Rs 667.55 per share. At current value, the price-to-book value of the company is 1.43.

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