Telenor to examine new financial services options

Norwegian-backed Telenor Group is considering setting up a ‘Payment Bank’ to augment its mobile money services in India, the Economic Times writes. The provider – which currently offers mobile services in India under the Uninor brand, although it is expected to make the transition to its new Telewings Communications moniker soon – established its own bank in Serbia earlier this year and offers a full suite of mobile financial services (MFS) in its other markets, including Pakistan, Bangladesh and Thailand, but its money mobile offerings in India are extremely limited by comparison. The announcement follows the release of draft guidelines for setting up Payment Banks by the Reserve Bank of India to facilitate small savings accounts, payments and remittance services to migrant labour workforce. Commenting on the development, Telenor CEO Jon Frederik Baksaas told press: ‘It is a good step forward. In many countries we are [the] leading mobile money services [provider]. I welcome the structure and we will surely have a look at it.’