The RBI took more than six months to scrutinize and finalize 11 applicants as fit and proper to launch payments bank services. It had received 41 applications for payment bank licences in February 2015 and final in-principle licences were given in August 2015. In March, Cholamandalam Investment and Finance Co. said it would not pursue a payments banking venture even though it had received in-principle approval from RBI last year. “Yes, we would certainly feel a little aggrieved because a lot of effort from the part of the RBI goes in processing these applications. Last week, Sun Pharma promoter Dilip Shanghvi, IDFC Bank and Telenor Financial Services said they were not interested in establishing payments banks, without giving reasons.

Source: Mint May 23, 2016 10:24 UTC