Millennium Post

Shriram, Muthoot likely Suitors

With RBI issuing final licensing norms for small finance and payment banks, a host of potential suitors including Shriram Capital and Muthoot Finance on Thursday evinced initial interest in setting up such niche entities. However, they will take a final call on applying to RBI for such licences after going through the fine prints of the guidelines, which were released this evening.

Those having expressed their interest in seeking payment bank license included payment solutions providers Itzcash and Oxigen, business correspondent company Fino. ‘We will definitely apply for payment banks licence. It is a good beginning. There have been very positive changes in the guidelines but in some we need more clarity,’ Oxigen Indian Private Limited Founder and Managing Director Pramod Saxena said.
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