Shares of Bharti Airtel and Tech Mahindra rose on Thursday after the companies bagged licences for payment banks.
Leading mobile phone network operators Bharti Airtel, Vodafone India and IT services company Tech Mahindra are among the 11 companies selected by the Reserve Bank of India (RBI) to help set up "payments banks", aimed at granting millions of citizens access to basic banking. Payment banks can take deposits but cannot lend.
Energy-to-telecoms conglomerate Reliance Industries Ltd, controlled by India's richest man Mukesh Ambani, which plans to set up a payments bank in a partnership with top lender State Bank of India (SBI), was also among the winners.
The postal department and a joint venture of Aditya Birla Nuvo Ltd and third largest Indian cellphone carrier Idea Cellular were among others selected by the RBI.
At 10:21 a.m., Tech Mahindra was up over 2 per cent while Bharti Airtel rose 1.6 per cent. Reliance Industries edged down over 1 per cent amid a slump in global oil prices. Idea Cellular was down over 1 per cent while Aditya Birla Nuvo rose over 1 per cent.
Leading mobile phone network operators Bharti Airtel, Vodafone India and IT services company Tech Mahindra are among the 11 companies selected by the Reserve Bank of India (RBI) to help set up "payments banks", aimed at granting millions of citizens access to basic banking. Payment banks can take deposits but cannot lend.
Energy-to-telecoms conglomerate Reliance Industries Ltd, controlled by India's richest man Mukesh Ambani, which plans to set up a payments bank in a partnership with top lender State Bank of India (SBI), was also among the winners.
The postal department and a joint venture of Aditya Birla Nuvo Ltd and third largest Indian cellphone carrier Idea Cellular were among others selected by the RBI.
At 10:21 a.m., Tech Mahindra was up over 2 per cent while Bharti Airtel rose 1.6 per cent. Reliance Industries edged down over 1 per cent amid a slump in global oil prices. Idea Cellular was down over 1 per cent while Aditya Birla Nuvo rose over 1 per cent.
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