Shocked at not getting payments bank licence: Oxigen

Payment services company Oxigen said companies who have done very little in the financial inclusion space have been given payments bank licences.

Oxigen had applied for a licence but did not find its name among the 11 companies awarded payments bank licences by the RBI.

“We are disappointed at not finding Oxigen in the list of the companies to get payments bank licences, announced by RBI today. Oxigen has worked hard and toiled to develop an ecosystem that RBI guidelines prescribed as desirable conditions," said Pramod Saxena, Chairman & Managing Director, Oxigen Services India Pvt Ltd. 

 The Nachiket Mor Committee, in its 2014 report recommending setting up of payments banks, quoted Oxigen as one of the nested payments banks. Oxigen was one of the few to successfully demonstrate Aadhaar-enabled cash-out as part of the four-month pilot awarded by the RBI.

"It has, therefore, come to us as a shock to find people/ companies awarded the licence, who have done very little in the financial inclusion space, the key objective contained in the guideline," Saxena said.   

He said those who have been excluded should be given an opportunity to know about their shortcomings.