Tech Mahindra on Tuesday May 24,2016 became the third entity to drop out of the
payments bank race, saying business profitability would take longer time
due to "aggressive posturing" by many deep-pocketed players.
Tech
Mahindra is the third applicant to abandon the plan to set up payments
bank after Cholamandalam which quit in April 2016 and Dilip Shanghvi-IDFC
Bank-Telenor combine on Friday May 20,2016
"Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," Tech Mahindra managing director and chief executive CP Gurnani told reporters, after its board decided not to pursue the opportunity.
"Over a period of time, we have realised that the amount of aggression that has come into the marketplace only erodes the margins," Tech Mahindra managing director and chief executive CP Gurnani told reporters, after its board decided not to pursue the opportunity.
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