"RBI's vision for the Payments Bank offers us an opportunity to bring us closer to our goal of offering more choice and convenience to Indians that help them plan their savings and consumption better and lead to a better quality of life for everyone."
Kishore Biyani-promoted Future Group today applied for Payments Bank licence with the Reserve Bank of India.
The proposed bank will be a separate company under Future Group.
"The Group proposes, subject to the grant of the licence and other regulatory approvals, to name the entity, NuFuture Payments Bank," the company said in a statement.
Commenting on the development, Biyani said: "RBI's vision for the Payments Bank offers us an opportunity to bring us closer to our goal of offering more choice and convenience to Indians that help them plan their savings and consumption better and lead to a better quality of life for everyone."
The company said the proposed Payments Bank will leverage Future Group's extensive presence across the country to reach out to depositors through its physical presence in 168 cities across the country and rural locations in Gujarat and Punjab through its retail networks.
Future Group retail chain brands include Big Bazaar, KB's, Nilgiris and Big Bazaar Direct.
The proposed Payments Bank will work towards extending RBI's mandate of financial inclusion through focusing on Future Group's core consumer groups that include women, migrant workers, self-employed people as well as farmers and local entrepreneurs from the Group's sourcing base, the company added.
As per RBI guidelines on Payments Bank, they can raise deposits up to Rs 1 lakh per individual, issue ATM/debit cards and sell simple financial products such as mutual funds and insurance products.
Also Read: Bharti Airtel to apply for payment bank; Kotak to be investor
Payment Banks would be allowed payments and remittance services through various channels.
These banks, however, cannot issue credit cards or undertake lending activities.
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