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Indian banks eager to tie up with payment banks.

Global Banking News-October 26, 2015--Indian banks eager to tie up with payment banks

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Global Banking News - 26 October 2015

Major banks in India are seeking a tie-up with new banks to expand their footprint into the rural market.

State Bank of India (NSE: SBI) already has a 30 percent stake in Reliance Industries proposed payments bank. Other banks are in the process of forging alliances to expand into the rural market.

GopalKrishan Kansal, chief general manager, rural banking, national banking group, SBI, said, 'The payments banks will essentially be technology-driven. To provide last-mile connectivity, they might be interested in having a tie-up with a bank. Thus, we see an opportunity of a tie-up with payments banks. The regulations do not prohibit us from any tie-ups with payments bank. The rural banking pie should substantially increase after the entry of new banks.'

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Publication:Global Banking News (GBN)
Date:Oct 26, 2015
Words:170
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