Skip to main content

Features of Payments Banks

Features of Payments Banks

Banking classes Online : We offer online classes for IBPS Clerk, IBPS PO, SBI Clerk, SBI PO and other banking exams crafted by our experienced faculty. We also offer online test series for IBPS / SBI exams keeping in mind the latest exam pattern. Our motive behind these articles is to provide information that will be help you in cracking any banking exam.In this article, the topic ’Payments Bank’ from Banking section is explained.

Payments Bank

Payments Bank is a new model of banks proposed by the Reserve Bank of India (RBI).A payments bank is akin to any other bank, but operating on a smaller scale without involving any type of credit risk. In other words, it can carry in its own most banking operations but cannot provide loans or issue credit cards. Payments bank can accept demand deposits (up to ₹1 lakh), can offer remittance services, mobile payments/purchases/transfers/ and can provide other banking services like ATM/debit cards, net banking and third party fund transfers.

History:

In September 2013, the Reserve Bank of India formed a committee headed by Dr Nachiket Mor to go through ‘Comprehensive financial services for small businesses and low-income households’. The main aim of the committee was to suggest measures to achieve financial inclusion and increased access to financial services.
The committee submitted the report to RBI in January 2014. One of the main suggestions of the committee was to introduce specialised banks or ‘payments bank‘ to cater to the needs oflower income groups and small businesses.On 19 August 2015, the Reserve Bank of India gave “in-principle” approval to eleven entities to launch payments banks in India.
Some Important Facts:
  • Airtel has launched India’s first payments bank.
  • Paytm is the second such payments bank to be launched in the country.
  • India Post Payments Bank is the third such entity to receive payments bank approval after Bharti Airtel and Paytm.
  • Aditya Birla group received payments bank permit on 3 March 2017.

For online test series for bank po of Banking Awareness, click on online classes for banking.

For a FREE DEMO call @ +91-88009-99280 

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Last Minute Tips to Crack SSC CGL 2019-20 (Tier-I) Exam

Last-Minute Tips to Crack SSC CGL 2019-20 (Tier-I) Exam 1. Don’t read any new topic at the last moment · Try to avoid studying any new topic at the last moment. Just revise what you have already studied. 2. Don’t forget your Admit Card, Photograph and ID Proof · Take a print out of your admit card and original photo identity proof, 1 photo and photocopy of the ID proof. Reach the examination center before time to avoid any last-minute trouble. 3. Maintain your Speed & Accuracy and Maximize your Score · Speed and Accuracy are two important factors to crack any competitive exam. Speed will help in maximizing the attempts while accuracy will ensure that you don’t end up losing marks as the negative marking of 0.5 marks for wrong answers is there. 4. Attempt according to the strategy you followed in the mock tests · Make sure you attempt the easier section first. The exam should be attempted with the same strategy you fol
4 comments
Read more

Magnetic and non-magnetic material Class 6 Science

Magnetic and non-magnetic material  Class 6 Science A magnet is a substance that is drawn to certain magnetic materials like iron, cobalt, and nickel. Magnets have the ability to draw iron to them. Natural magnets are rocks that naturally draw iron. Non-magnetic materials include things like wood, rubber, coins, feathers, leather, etc. that are not drawn to iron. Magnet characteristics It pulls magnetic materials, such as iron. The magnet's two ends are referred to as its poles. The magnet's diametrically opposed poles are drawn together. Heating, hammering, or dropping causes it to lose its characteristics. On the basis of properties types of Magnets Temporary magnets are those magnets that are magnetic for only a little duration. Typically, iron, cobalt, or nickel are used to make them. When they are close to the powerful magnet, they act like a magnet. When they are yanked away from the powerful magnet, they stop being magnetic. Permanent magnets are magnets that have magne
Post a Comment
Read more

Why is Hindi Day celebrated on 14 September?

Why is Hindi Day celebrated on 14 September? After independence, the Government of India set a goal to give an ideal form to the mother tongue of the country and set a target for grammar and orthography using the Devanagari script to bring standardization in writing. Subsequently, on September 14, 1949, the Constituent Assembly decided by a vote that Hindi would be the official language of India. To propagate the importance of this decision and to spread Hindi in every region, India is celebrating Hindi Day every year from 1953 to 14 September, at the request of Rashtrabhasha Prachar Samiti, Wardha. Apart from this, 14 September is also the birthday of Rajendra Singh, who worked tirelessly to make Hindi the official language of India. Hindi Day is observed every year on 14 September to mark the importance of the Hindi language in the country. The Hindi language is one of the oldest languages, which derives most of its academic vocabulary from the Sanskrit language written in the Deva
Post a Comment
Read more