Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
It is a new face of the digital economy.It is a differentiated Payment Bank & is confined to the activities to be pursued for which it is set-up. It is restricted to undertake only such activities which are permitted to them under Banking Regulation Act, 1949.
*They cannot set up subsidiaries to continue doing NBFC activities which are not covered in their ambit. Also, it needs to use the word ‘Payments’ in their name in order be differentiated.
Table of Contents
*Around 11 entities have launched their payments bank lately. They reach customers through their mobile devices rather than regular banking channels. Also, they are technology driven in their approach.
A virtual account will be opened on the basis of unique mobile no. &Customer can make a transaction or remittance through web-based mobile application or through IVR/USSD gateway to registered merchant or user. PB user can withdraw cash or top-up their accounts from points (Vendor, ATM, Agent, etc.) recognized by their payment bank service provider assigned in this behalf.
The main objective is to widen or deepening of greater financial inclusion by providing of small payments account & remittance services. These banks are expected to reach out to customers through their mobile phones. Also, they cannot undertake lending activities or issue credit cards.
E.g.: The RBI has granted ‘in principle’ approval for payment banks to 11 entities, including big names like Reliance Industries, Aditya Birla Nuvo, and Tech Mahindra, as also Airtel and Vodafone. Also, Paytm is a niche example as well.
It is like any other Bank, but operating on a smaller scale. It was introduced by RBI upon recommendation from Nachiket Mode Committee. It recommended to sorts of banking license:
A joint venture is a strategic business arrangement in which two or more companies collaborate...
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
Are you human?: 4 + 2 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
What are the Prepaid Payment Instruments? PPI (prepaid payment instruments) is an online platform through which we...
06 Jul, 2019
Payments Banks is a concept introduced by the Reserve Bank of India (RBI). Maximum deposits are restricted to...
16 Dec, 2020
Chat on Whatsapp
Hey I'm Suman. Let's Talk!