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Payments banks to receive fillip from Gates Foundation

Newly licensed payment banks in India will receive supports from The Bill & Melinda Gates Foundation. They will receive supports from the foundation in technology sharing and innovation and it expects India to become a global showcase for digital payment systems, in the next three to five years. A senior official from the foundation said that it is not looking to take equity stakes in these new banks but is open to grant money for product and technology innovations to help reach financial services to the poor. According to the foundation, these banks have deep enough pockets for investing capital and don’t think they will need money.

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