Mumbai: The Kishore Biyani-led Future Group on Monday applied for a payments bank licence with the Reserve Bank of India, the banking entity to be called NuFuture Payments Bank, the group said.
The proposed Payments Bank will work towards extending the RBI’s mandate of financial inclusion through focusing on Future Group’s core consumer groups.
The proposed bank will be a separate company under Future Group.
'Financial inclusion and financial services is an integral part of customer proposition of leading retailers in a number of emerging markets around the world. The 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 said.
The proposed Payments Bank will leverage Future Group’s 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 like Big Bazaar, KB’s, Nilgiris, Big Bazaar Direct and rural distribution network, Aadhaar, among others.
Over 320 million customers visited Future Group retail chains during 2014.
According to reports, IDFC may buy a small equity stake in a payments bank planned by the retailer Future Group, if it secures a licence from the RBI.