The payment banks are governed by Reserve Bank of India[RBI] .These banks are restricted to take deposits from the customer not more than rs. 1 lac. Which might increase later on.The banks can open both the saving and current account for the customers.
These types of banks can provide other services to the customer such as atm facilities , debit cards ,online mobile banking etc.They can even set up branches and outlets also.The major issue is that they cannot do the activities which are permitted to the banks as per banking regulation act ,1949.
The minimum paid up capital should be rs.100 crore for the payment bank.Therefore the payment bank cannot follow the activities under banking regulation act ,1949 .The process began by following certain steps and procedures in order to apply for the payment bank licensing facilities.
Login
About us
Learning
Media
Our Team
Partner With Us
Contact us
Talk an Expert