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BANKING & FINANCE
ICICI BANK TO PARTNER FINO PAYTECH FOR PAYMENTS BANK
January 8, 2016
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1.ICICI Bank joins some of the leading lenders of the country which have partnered with payments banks that have received licence from the banking regulator. For example, State Bank of India and Kotak Mahindra Bank have picked up stake in the payments banks that will be floated by Reliance Industries and the Bharti Group, respectively.

2.The ICICI Group, with about 16 per cent stake in FINO Paytech, a business correspondent, is the largest domestic shareholder.

3.FINO Paytech has received ‘in principle’ licence from the Reserve Bank of India (RBI) to start a payment bank.

4.RBI regulations allow universal banks to invest up 30 per cent in payments bank.