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The RBI has accepted the application withdrawal request, according to the statement.
Licence winners are expected to be announced by the first quarter of 2014.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
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 members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
Top companies added employees at 3% CAGR from 2003-04 to 2013-14, while revenues grew at 18%.
The RBI has agreed to consider the application of India Post in consultation with the government.
Telecom companies (Airtel, Vodafone, ABNL-via Idea Cellular), which enjoy larger reach, appear to be better placed among the key companies bagging payments bank licences.
Last August, RBI gave in-principle approval to 11 applicants.
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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.
Last year, the software giant launched a cloud adoption programme for SMBs.
Index heavyweights ITC was the top gainer along with RIL and HDFC
Cement shares have been outperformers on the stock market
While such buying could indicate confidence in the business, investors should do a comprehensive evaluation before getting into the stock.
On Monday, RBI announced that 26 entities, including Tata Sons, LIC Housing Finance, Aditya Birla Nuvo, Department of Posts, Reliance Capital, L&T Finance and Bajaj Finserv, applied for grant of bank licences.
New entrants could include Flipkart, Paytm, Cafe Coffee Day and ICICI Prudential Life Insurance, it says
Sensex ends belowe 26,800 on domestic concerns.
Investors indulged in buying beaten down blue chips at lower and attractive levels.
Additional levy to eat into Rs 6,000-crore income of top promoters
On government's last week's announcement of revamping of PSU banks, Fitch Ratings said the move is "credit positive, but risks remain".
The FMCG index gained more than 1% on the back of stellar gains in ITC.
He's betting big on small stores to help him reach 10 million households by FY21, report Abhineet Kumar and Raghavendra Kamath.
The 30-share Sensex ended 271 points higher to end at 28,930 and the 50-share Nifty climbed 76 points to close at 8,776.
These have been selected based on the earnings growth prospects and favourable (buy) ratings by brokerages
Investors booked profits at higher levels despite the growth oriented Budget.
It reverses the supply chain to customise part of its line-up, but the challenge is in sustaining it.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
The 30-share Sensex dropped 298 points to end at 27,209 and the 50-share Nifty has lost 93 points to end at 8,174.
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