Bank of Baroda Receives RBI Approval for Digital Payments Intelligence Platform

Bank of Baroda has received approval from the Reserve Bank of India (RBI) to establish a section 8 Company under the Companies Act, 2013, for Digital Payments Intelligence Platform. The approval is subject to the exemption granted by Department of Financial Services, Ministry of Finance, Government of India, to Bank of Baroda from section 19(2) of the Banking Regulation Act, 1949, i.e. (under Section 53 of the Act ibid) to hold shares in excess of 30% of the paid up share capital in the proposed section 8 Company i.e., Indian Digital Payment Intelligence Corporation (IDPIC), till October 16, 2026.