associate sponsors

Llyod
HDFC

Dilip Shanghvi drops plans to form payments bank with IDFC, Telenor | Reuters

MUMBAI India's second richest man, Dilip Shanghvi, said on Friday he had shelved plans to form a payments bank jointly with the Indian financial firm IDFC Bank and an arm of Norway's Telenor, but did not disclose the reason.

Shanghvi's company, Dilip Shanghvi Family and Associates, was among 11 firms that were awarded licences last August to set up niche "payments banks" aimed at granting millions of Indians access to basic banking.

The banks are a part of India's financial inclusion push and are meant to expand banking services in a country where less than half of the adult population holds a bank account.

Shanghvi, who is the founder and head of India's largest drugmaker Sun Pharmaceutical Industries Ltd, said he had worked with IDFC and Telenor over the past eight months to make a framework and governance structure for the joint venture.

"Following the mutual decision to withdraw these plans, the payment bank license will not be pursued," Shanghvi said in a statement.

(Reporting by Zeba Siddiqui in Mumbai, editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: May 20, 2016 23:45 PM

Also Watch

Watch: The true stories from Dharavi that inspired Rajinikanth's Kaala
  • Thursday, March 8, 2018 Watch: Cyrus Khan talks about Parkour, jumping across walls and why he hates sitting
  • Thursday, May 31, 2018 Unwind: India's basketball sensation Amjyot Singh has his eyes set on becoming an NBA regular
  • Monday, May 28, 2018 First Day First Showsha — Review of Solo: A Star Wars Story in 10 questions
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See



{if $hideJSforEU != 'yes'} {/if}