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Vodafone India today said the payments bank licence will enable it offer a comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy.
"We are grateful to the RBI for giving us the licence for setting up a payment bank. The licence will enable it to build on this further and offer a more comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy," Vodafone India MD and CEO Sunil Sood said in a statement.
The company said with over 90,000 'M-Pesa' agents, it is already providing people in remote areas a convenient way to transfer money and make payments.
Vodafone said the company has partnered with several government bodies to run pilots for enabling direct transfer of wages/subsidies and the payment bank licence will enable it to build on this further.
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"We remain committed to actualise the government's vision of financial inclusion by leveraging the reach of mobile technology to service the unbanked and underserviced sections of the society," the statement added.
