{"id":346,"date":"2015-09-03T13:30:46","date_gmt":"2015-09-03T13:30:46","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=346"},"modified":"2021-07-14T11:06:23","modified_gmt":"2021-07-14T11:06:23","slug":"payment-banks-an-overview-2","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/payment-banks-an-overview-2\/","title":{"rendered":"RBI granted &#8216;in principle&#8217; approval for establishment of payment banks- An Overview"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\"><strong><span style=\"text-decoration: underline;\"><span style=\"color: #0000ff; text-decoration: underline;\">RBI GRANTED &#8216;I<\/span><span style=\"color: #0000ff; text-decoration: underline;\">N PRINCIPLE&#8217; APPROVAL FOR ESTABLISHMENT OF PAYMENT BANKS &#8211; AN OVERVIEW<\/span><\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"text-decoration: underline;\"><span style=\"color: #800080;\"><strong><span style=\"color: #800080; text-decoration: underline;\">Payment Banks\u00a0<\/span><\/strong><\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><em><strong><span style=\"text-decoration: underline;\"><span style=\"color: #ff6600; text-decoration: underline;\">An Overview:<\/span><\/span><\/strong><\/em><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">On August 19, 2015 the RBI had granted &#8216;in principle&#8217; approval to 11 entities for establishment of payment banks. The &#8216;in-principle&#8217; approval shall be valid for a period of 18 months during which the applicants shall have to comply with the stipulated guidelines and fulfil other conditions as may be laid down by the RBI.<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><em><span style=\"text-decoration: underline; color: #ff6600;\"><strong><span style=\"color: #ff6600; text-decoration: underline;\">Concept of<\/span> <span style=\"color: #ff6600; text-decoration: underline;\">Payment Bank;<\/span><\/strong><\/span><\/em><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">A payments bank is a type of non-full service niche bank in India.<em><strong> It can only receive deposits and provide remittances. It cannot carry out lending activities.<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\">Payment banks are created to help a country to reach its financial inclusion targets. It is expected of payment banks to target migrant labourers, low-income households and small businesses by offering small savings accounts and remittance services with a low transaction cost.<\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span style=\"text-decoration: underline; color: #ff6600;\"><em><strong><span style=\"color: #ff6600; text-decoration: underline;\">Service<\/span><span style=\"color: #ff6600; text-decoration: underline;\">s that can be rendered by payment banks:<\/span><\/strong><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em><strong>Accept demand deposits of upto Rs. 100,000 per individual customer.<\/strong><\/em> Issue ATM\/debit cards usable on ATM networks of all banks.<\/p>\n<p style=\"text-align: justify;\">Make payments and provide remittance services through various channels. Act as a Corporate Business Correspondents of another bank (BCs), subject to the RBI&#8217;s guidelines on BCs. Distribution of mutual fund units and insurance products, etc.<\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:info@carajput.com\">info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"<p>RBI GRANTED &#8216;IN PRINCIPLE&#8217; APPROVAL FOR ESTABLISHMENT OF PAYMENT BANKS &#8211; AN OVERVIEW Payment Banks\u00a0 An Overview: On August 19, 2015 the RBI had granted &#8216;in principle&#8217; approval to 11 entities for establishment of payment banks. The &#8216;in-principle&#8217; approval shall be valid for a period of 18 months during which the applicants shall have to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[21,695,123,115],"tags":[555,566,502,501,569,572,561,435,562,560],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/346"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=346"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/346\/revisions"}],"predecessor-version":[{"id":1199,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/346\/revisions\/1199"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}