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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.

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