Vodafone India yesterday said the payments bank licence will enable it offer a comprehensive portfolio of banking and financial products and services, accelerating India’s journey into a cashless economy. Also Read - Jio maintains lead in 4G download speed, Vi in upload in May: TRAIAlso Read - Fake WhatsApp message claims free internet for three months, don't fall for it
“We are grateful to the RBI for giving us the licence for setting up a payment bank. The licence will enable it to build on this further and offer a more comprehensive portfolio of banking and financial products and services, accelerating India’s journey into a cashless economy,” Vodafone India MD and CEO Sunil Sood said in a statement. The company said with over 90,000 ‘M-Pesa’ agents, it is already providing people in remote areas a convenient way to transfer money and make payments. Also Read - Vi (Vodafone Idea) is now focusing on growing broadband business with You Broadband
Vodafone said the company has partnered with several government bodies to run pilots for enabling direct transfer of wages/subsidies and the payment bank licence will enable it to build on this further. “We remain committed to actualize the government’s vision of financial inclusion by leveraging the reach of mobile technology to service the unbanked and under serviced sections of the society,” the statement added.