What are payments Banks?

Payment banks are conceptualized by the Reserve Bank of India (RBI). The maximum deposits restricted to these types of banks currently is INR 1 lakh per customer which shall be increased further. Both the current as well as savings account can be operated under such banks. They can issue service relating to debit cards, online banking mobile banking and also ATM cards. Payment banks also known as differentiated banks shall be permitted to set up outlets (branches), ATMs, business correspondents, etc. but would be restricted to activities permitted to banks under the Banking Regulation Act, 1949. Minimum paid up capital of payments bank shall be 100 crores.

Acts governed under payments banks

The primary objective of Payments banks are to provide:

Small savings accounts

Payments/remittance services to labour workforce, low income households, unorganized sectors, small businesses, high volume low value transactions etc.

Eligible players

The highlighting of Payments Banks as follows

Procedure for Payments Banks License

These banks are being set up to bring in entities who would leverage on the technology for financial inclusion that to in cost effective manner. Payments bank is definitely a good initiative for circulating the digital cash in the economy, which shall help the economy reviving under grass route level.

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