Tech Mahindra became the third entity to give up the plan to set up a payments bank. Earlier, Cholamandalam Investment and Finance and the consortium comprising Sun Pharmaceutical Industries Ltd promoter Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services had left the field after these entities received in-principle approvals from the Reserve Bank of India to set up payments banks. This leaves only 8 entities in the field now. Tech Mahindra said it is not pursuing plans to set up the bank citing long payback time on its investment as reason. C.P. Gurnani, MD and CEO of the company said the company is aware of the intense competition which it felt would only erode already thin margins
