Oslo based telecom giant Telenor's 100% owned local Indian unit - Telenor India has planned to move away with their financial services.
Last year in September Telenor Financial Services, IDFC Bank and Dilip Sanghvi of Sun Pharma were granted licence of 'Payment Bank' by RBI. Anyway all the three parties have mutually agreed not to persue the plan to start payment bank services.
The reason of withdrawl of plans are yet to be known, however ET quotes an advisor of the JV that the lack of adequate physical presence will hamper the JV's bussiness.
However in Malaysia, Telenor is acquiring Prabhu Money Transfer Sdn Bhd.
