August 19, 2015 / 3:27 PM / 4 years ago

BRIEF-Indian tycoon Shanghvi to partner Telenor, IDFC for payments bank

Aug 19 (Reuters) - Norway’s Telenor

* Says to partner with Indian tycoon Dilip Shanghvi and IDFC for India payments bank SOURCE TEXT: “Dilip Shanghvi Family & Associates (DSA) alongwith Telenor welcomes the Reserve Bank of India’s decision to grant “in-principle” approvals to set up payment banks. DSA is the main promoter in the application along with Telenor Group and IDFC, an infrastructure financial institution. We believe that payment bank facilities is a step in the direction of enabling last-mile connectivity to consumers by offering convenience of carrying banking transactions at their doorstep. We will provide further details at a later stage.” Further company coverage: (Reporting by Devidutta Tripathy)

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