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Aircel may approach RBI for payments bank licence

“We intend to approach RBI once this current thing (merger) is over. We do aspire to become a bank,” LV Sastry, business head for Aircel’s mobile banking and commerce business, told ET.

, ET Bureau|
Last Updated: Apr 19, 2017, 12.13 AM IST|Original: Apr 19, 2017, 12.07 AM IST
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The company also proposes to convert all its postmerger data customers into users of its mobile wallet over the next two to three years.
The company also proposes to convert all its postmerger data customers into users of its mobile wallet over the next two to three years.
NEW DELHI: Aircel plans to approach the Reserve Bank of India for a payments bank licence after completing the merger of Reliance Communications’ wireless business with itself, a top official said.

“We intend to approach RBI once this current thing (merger) is over. We do aspire to become a bank,” LV Sastry, business head for Aircel’s mobile banking and commerce business, told ET. “We’re trying to understand the value we can bring to our customers with the licence.”

The company also proposes to convert all its postmerger data customers into users of its mobile wallet over the next two to three years, Sastry said.

Aircel, owned by Malaysia’s Maxis Group, operates its mobile wallet through subsidiary Aircel Smart Money, which will be integrated with Unified Payments Interface in a few weeks, enabling payments to be made directly from a customer’s bank account.

Aircel, like leading carriers Bharti Airtel, Vodafone India and Idea Cellular, has had a mobile wallet or financial payments system since 2015, although with a limited base of users. About 35% of Aircel’s 91million customers use data and of them, 10% are wallet users.

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