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ItzCash raises Rs 100 crore from promoter Ashok Goel for payments bank inroad

Prepaid cards company ItzCash has secured an investment of Rs 100 crore from promoter Ashok Goel as it seeks a payments bank licence from the Reserve Bank of India, reports the Economic Times. The RBI's guidelines state that a company needs to have a minimum paid-up equity capital of  Rs 100 crore to set up a payments bank. The report added that ItzCash will operate with an independent management and Ashok Goel's investment in the company comes in his personal capacity with no cross holding with parent the Essel Group, which also runs the daily DNA,  DTH business Dish TV and the Zee Network. Goel already holds 60% stake in the payments company. Note, ItzCash will have to merge its existing prepaid payments instrument licence with the payments bank licence if it gets it from the RBI. Naveen Surya, managing director of…

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