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Payments bank is a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹2 lakh per customer. These banks may not issue loans or credit cards, but may offer both current and savings accounts. Payments banks may issue ATM and debit cards, and offer net-banking and mobile-banking. The draft guidelines for licensing of payments banks in the private sector were formulated and released for public comments on 17 July 2014. The banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, 1949, and will be registered as public limited company under the Companies Act, 2013.
Global Millets (Shree Anna) Conference has been organized by APEDA to stimulate the exports of millets from India and provide market linkage to the pr...
Which tribal community in Chhattisgarh recently received habitat rights, becoming the second PVTG (Particularly Vulnerable Tribal Group) to do so in the...
_______ has partnered with grain commerce platform Arya.ag to finance small farmers against warehouse receipt to further its mission to drive financia...
What is the primary aim of the 'DHARMA GUARDIAN' joint military exercise between India and Japan?
Which institute is on top in NIRF overall ranking 2023?
The Reserve Bank has given its approval to SBI Mutual Fund (SBI MF) for acquiring up to 9.99% of the paid-up share capital or voting rights of which ban...
Recently the IMF approved a $4.7-billion support loan package for which country that has become the first Asian country to receive financing under RSF?
Which location has been selected to host the XXVI Olympic and Paralympic Winter Games 2030?
India hosted the 8th BRICS Summit during its Chairmanship which took place or 15- 16th October 2016-
Which Indian city witnessed the highest increase in average annual prices for high-end residential properties in the first quarter of 2023, according to...