On Wednesday, 19th August 2015 RBI gave approval to 11 bodies to setup payment banks .
What are Payment Banks?
Payment banks are banks with limited functionalities like acceptance of deposits up to one lakh, payments and remittance services, Internet banking, sell insurance and mutual funds, issue of ATM/debit cards(no credit cards).They are not allowed to undertake lending activities at all.
Why Payment Banks are in news?
Payment banks might be a secure substitute for deceiving chit funds which lure peoples without bank accounts. This might be a big change as it will bring the second wave of financial inclusion after Jandhan Yojna.
List of Payment banks 2015:
1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10. Tech Mahindra Limited
11. Vodafone m-pesa Limited
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What are Payment Banks?
Payment banks are banks with limited functionalities like acceptance of deposits up to one lakh, payments and remittance services, Internet banking, sell insurance and mutual funds, issue of ATM/debit cards(no credit cards).They are not allowed to undertake lending activities at all.Why Payment Banks are in news?
Payment banks might be a secure substitute for deceiving chit funds which lure peoples without bank accounts. This might be a big change as it will bring the second wave of financial inclusion after Jandhan Yojna.
List of Payment banks 2015:
1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10. Tech Mahindra Limited
11. Vodafone m-pesa Limited
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