RBI Issues Operating Guidelines For Payment Banks, Small Finance Banks RBI came out with operating guidelines for differentiated banks — payments banks and small finance banks — being set up to bring in new players who would leverage on technology for financial inclusion in a cost effective manner. RBI granted in-principle approvals to 11 entities … Read More →
No scope for ‘adventurism’ with payments banks: RBI Asserting there is no room for promoters to experiment with upcoming payments and small finance banks, RBI Deputy Governor S S Mundra today said there should not be any “adventurism”, and institutional progress of the entities will be monitored closely in formative stages. “There won’t be any … Read More →
The following table gives a crisp overview of small finance banks and Payment banks. Difference Small Bank Payments Bank Eligibility Professionals with 10 years in financial services or promoter group with 5 year track record Card Issuers, Finance Companies, Business Correspondents, Telecom Companies, Retailers etc. Capital Requirement Rs. 100 Crore Equity Capital Rs. 100 Crore … Read More →
Here is what you need to know about the functions of payment pank and what are the benefits you can avail from it. What is Payments bank? Payments bank licence will allow companies to accept deposits (initially up to Rs 1 lakh per customer), and are allowed to pay customers interest on the money that … Read More →
1. Registration, licensing and regulations The payments bank will be registered as a public limited company under the Companies Act, 2013, and licensed under Section 22 of the Banking Regulation Act, 1949, with specific licensing conditions restricting its activities mainly to acceptance of demand deposits and provision of payments and remittance services. It will be … Read More →