Announcement

Collapse
No announcement yet.

RBI clears 11 payments banks.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • RBI clears 11 payments banks.

    (1)The Reserve Bank of India (RBI) 'in principle' cleared 11 entities - including the department of post, top conglomerates such as the Reliance Industries, Vodafone, Aditya Birla Group, Airtel and several tech and finance companies- to set up payments banks.
    (2) Unlike the universal/regular banks, payments banks can accept deposits only up to Rs.1 lakh and cannot extend loans. Further, they can only issue debit cards.
    (3) These banks can only deposit money in government bonds. Other services are similar to that of regular banks.
Working...
X