National Securities Depository Limited (NSDL) will soon launch its long delayed payments bank in India, MediaNama has learnt through a source. MediaNama has reached out to NSDL for a comment and will update the story when we hear from them. According to the source, senior executives from the depository recently met Reserve Bank of India officials and, the central bank will issue a nod for it to commence operations in the near future. “From where we see it, there will be no more hiccups on the regulatory side,” the source said. “The launch will depend on when they [NSDL] are ready to roll out their services, but looking at the website and the information we got, it will be launched sometime around October-November,” they added. According to an unrelated anonymous tip off, the NSDL also has a yet-unannounced website being developed by staticmagick.in. According to the website, the depository will launch a mobile banking application for Android called ‘Jiffy’. The app will let users open accounts, check balance, pay utility bills, and transfer funds. NSDL's payments bank has been delayed since inception NSDL was one of the 11 entities to receive an “in-principle” approval to launch payments banks in 2015. Last year, NSDL MD and CEO G.V. Nageswar Rao announced that the payments Bank will begin operations from May 2017. However, it was delayed further. In May 2018 Rao said that the payments bank was awaiting the central bank’s approval to commence operations. At that time, Rao said that the service would begin in a month’s time.…
