Payment solutions provider Oxigen Services is keen to transform itself into a payments bank, its Deputy Managing Director Sunil Kulkarni has said.
This company will apply for a payments bank licence once Reserve Bank of India (RBI) comes up with final guidelines for a payments bank around November or December.
"It's a process that will take 6-9 months before final provisional licence can be issued by RBI for payments bank. Of course, we are very keen to participate in it".
A payments bank licence will allow Oxigen services to open normal bank account (upto Rs 1 lakhs), rural bank account, offer VISA/MasterCard/RUPAY debit cards and do international remittance.
"If the pre-paid wallet market for Oxigen is X, using payment bank will become 10X", Kulkarni said.
Payments bank are allowed to accept deposits and facilitate payments and remittances but cannot lend.
In the draft norms, RBI had said the minimum paid-up capital of a payments bank should be Rs 100 crore, of which promoters contribution should be at least 40 percent.
Oxigen wallet goes social
You can now share money with friends and family over their preferred social networks and messaging platforms like Facebook, Twitter, WhatsApp, Google + and Twitter.
By using the Oxigen wallet service, users can easily send money to their friends and family through social channel without ever needing the receiver's bank account details, said Pramod Saxena, Chairman & Managing Director of Oxigen services.
"Merging payments with social and mobile will change the way people pay for their everyday needs. A single mobile app will meet all your payment needs and set money free".