PB Fintech, the parent of Policybazaar and Paisabazaar, has set a price band of Rs 940-950 apiece for its initial public offering (IPO), which will open on November 1 and close on November 3. The company may be valued at around Rs 44,000 crore, and looking to raise an amount of around Rs 5,826 crore. The IPO comprises a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders.
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SBI will hold 30 per cent in RIL joint venture
Last August, RBI gave in-principle approval to 11 applicants.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Last year, the software giant launched a cloud adoption programme for SMBs.
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
While a wallet is convenient, payments bank offers interest on deposits and ATM facility.
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Reliance, Birla Group, Airtel eye small finance banks.
Snapdeal delivers to the Dharavi centre, where buyers pick up their orders.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
The government plans to transfer all subsidies including food, fertiliser and kerosene, potentially taking direct payments to more than $60 billion.
'We expect the new government to look into the issue of penalties imposed on technology firms involved in UID related projects.'
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
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