Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the Reserve Bank of India in 2015.
The investment was committed to by Vittorio Colao, CEO of Vodafone Group Plc.
Last August, RBI gave in-principle approval to 11 applicants.
Vodafone can mitigate risks of money-laundering through M-Pesa by making sure the funds are being traced.
E-commerce companies have understood the importance of having their own in-house wallet, explaining their acquisition spree, says Manoranjan Mohapatra.
The incumbent operators faced the onslaught of free offers and cheaper rates from Jio.
The Department of Post, Tech Mahindra, Videocon Group and stock exchange NSE have joined big corporates like Ambanis and Birlas to seek entry into banking business through newly created niche category of Payments and Small Finance Banks.
While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
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