Union Bank of India (UBI) is ready to form a partnership to set up a payments bank. In this regard, the bank has approached nine of the 11 entities, which have received 'in-principle' approval for the differentiated banks from the regulator.
Last week, the Reserve Bank of India (RBI) had given permission to 11 applicants, including Reliance Industries, Department of Posts, Aditya Birla Nuvo, Sun Pharm’s Dilip Shanghvi, Airtel, Tech and Vodafone, to set up payments banks.
Other players included National Securities Depository, Fino PayTech, Cholamandalam Distribution Services and Vijay Shekhar Sharma of PayTM. As many as 40 entities/individuals had applied for payments banks licences.
