Indian billionaire Dilip Shanghvi drops plans to form payments bank with IDFC, Telenor

May 20, 2016 1:20 PM

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MUMBAI May 20 India's second richest man, Dilip Shanghvi, said on Friday he had shelved plans to form a payments bank jointly with the Indian financial firm IDFC Bank and an arm of Norway's Telenor, but did not disclose the reason.

Shanghvi's company, Dilip Shanghvi Family and Associates, was among 11 firms that were awarded licences last August to set up niche "payments banks" aimed at granting millions of Indians access to basic banking.

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