RBI GRANTS "PAYMENT BANK" LICENCE IN PRINCIPLE TO DEPARTMENT OF POSTS(DoP) The Reserve Bank on Wednesday granted āin-principleā approval to 11 entities, including Reliance Industries, Aditya Birla Nuvo, Vodafone and Airtel, to set up payments banks and proposed such licences āon tapā in future. The other entities which have been given āin-principleā approval are Department of Posts, Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), Fino PayTech, Sun Pharmaās Dilip Shantilal Shanghvi and PayTMās Vijay Shekhar Sharma. āThe āin-principleā approval granted will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the guidelines and fulfil the other conditions as may be stipulated by the Reserve Bank,ā RBI said in a statement. Going forward, RBI said the central bank would use the learning from this licensing round to appropriately revise the guidelines and...