Tech Mahindra Ltd.

Tech Mahindra has dropped its plans to set up payments bank operations in the country, becoming the third player to pull out from the race. The board of directors at its meeting held on May 24, 2016 has decided for the same.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.