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. 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 has informed that IDFC has entered into Non Binding Letter of Intent with 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.
The above information is a part of company’s filings submitted to BSE.
