Q: What is Objective of Payments Banks?
A:Objective of payments banks is to increase financial inclusion by providing small savings accounts, payment/remittance services to migrant labour, low income households, small businesses, other unorganised sector entities and other users by enabling high volume-low value transactions in deposits and payments/remittance services in a secured technology-driven environment.
Q: Who can promote Payment Bank?
A:Those who can promote a payments banks can be a non-bank PPIs, NBFCs, corporate’s, mobile telephone companies, super market chains, real sector cooperatives companies and public sector entities. Even banks can take equity in Payments Banks.
Q: Can Payment Bank accept deposits?
A: Payments Banks can accept demand deposits (only current account and savings accounts). They would initially be restricted to holding a maximum balance of Rs 100,000 per customer. Based on performance, the RBI could enhance this limit.
Q: What other services Payment Bank can offer?
A: The banks can offer payments and remittance services, issuance of prepaid payment instruments, internet banking, functioning as business correspondent for other banks.
Q: CAN Payment Banks can set up subsidiaries?
A: Payments Banks cannot set up subsidiaries to undertake NBFC business.
Q: How people will be able to differentiate it from other banks?
A:The Payments Banks would be required to use the word ‘Payments’ in its name to differentiate it from other banks.
Q: Whether credit lending is allowed for Payments Banks?
A: No credit lending is allowed for Payments Banks.
Q: Can they invest in Govt securities?
A: The float funds can be parked only in less than one year G-Secs.
Q: List companies got permission to start payment Banks from RBI?
A:11 Companies are as under:
Aditya Birla Nuvo Limited
Airtel M Commerce Services Limited
Cholamandalam Distribution Services Limited
Department of Posts
Fino PayTech Limited
National Securities Depository Limited
Reliance Industries Limited
Shri Dilip Shantilal Shanghvi
Shri Vijay Shekhar Sharma
Tech Mahindra LimitedVodafone m-pesa Limited.
Anil Aggarwal
A:Objective of payments banks is to increase financial inclusion by providing small savings accounts, payment/remittance services to migrant labour, low income households, small businesses, other unorganised sector entities and other users by enabling high volume-low value transactions in deposits and payments/remittance services in a secured technology-driven environment.
Q: Who can promote Payment Bank?
A:Those who can promote a payments banks can be a non-bank PPIs, NBFCs, corporate’s, mobile telephone companies, super market chains, real sector cooperatives companies and public sector entities. Even banks can take equity in Payments Banks.
Q: Can Payment Bank accept deposits?
A: Payments Banks can accept demand deposits (only current account and savings accounts). They would initially be restricted to holding a maximum balance of Rs 100,000 per customer. Based on performance, the RBI could enhance this limit.
Q: What other services Payment Bank can offer?
A: The banks can offer payments and remittance services, issuance of prepaid payment instruments, internet banking, functioning as business correspondent for other banks.
Q: CAN Payment Banks can set up subsidiaries?
A: Payments Banks cannot set up subsidiaries to undertake NBFC business.
Q: How people will be able to differentiate it from other banks?
A:The Payments Banks would be required to use the word ‘Payments’ in its name to differentiate it from other banks.
Q: Whether credit lending is allowed for Payments Banks?
A: No credit lending is allowed for Payments Banks.
Q: Can they invest in Govt securities?
A: The float funds can be parked only in less than one year G-Secs.
Q: List companies got permission to start payment Banks from RBI?
A:11 Companies are as under:
Aditya Birla Nuvo Limited
Airtel M Commerce Services Limited
Cholamandalam Distribution Services Limited
Department of Posts
Fino PayTech Limited
National Securities Depository Limited
Reliance Industries Limited
Shri Dilip Shantilal Shanghvi
Shri Vijay Shekhar Sharma
Tech Mahindra LimitedVodafone m-pesa Limited.
Anil Aggarwal
Owner & Manager at Anil Aggarwal Coaching
(A proprietorship concern for IBPS exam guidance and Bank Interview preparation)
Mobile: +91 9811340788
E-mail ID: anilakshita@yahoo.co.in
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