With reference to the Press Release dated August 19, 2015 issued by the Reserve Bank of India (“RBI”) announcing the names of the entities to whom the In-Principle approval was granted to set up payments banks. Shri. Dilip Shantilal Shanghvi is one of the successful applicants who have been awarded the "In principle” approval for setting up a “Payment Bank”.In this regard, IDFC Ltd has informed BSE that IDFC has entered into Non Binding Letter of Intent with Shri. Dilip Shantilal Shanghvi and Telenor Financial Services AS for setting up a Payment Bank wherein IDFC and/ or its affiliates would be holding 19.99% stake.Source : BSE
Read all announcements in IDFC
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!