Concept of Payments Bank

  • Payment banks are those which undertake restricted banking functions.
  • This Functions can be like issuing debit cards, offering internet banking, but cannot offer loans or credit cards.
  • The banks can only accept deposits of up to INR 1 lakh per account.
  • RBI issued guidelines on payments banks in 2014 and first of such bank is opened by Airtel.

Don't forget to share this pointer!

View more comments +