Payment Bank is allowed by the Reserve Bank of India (RBI). The most deposits confined to these types of Bank currently is INR 1 lakh per client which will be enhanced further. Both the current and savings account can be run under such Bank.
The payments bank will be enrolled as a public limited company under the Companies Act, 2013, and authorized under Section 22 of the Banking Regulation Act, 1949, with particular licensing limitations restricting its activities largely to acceptance of demand deposits and provision of payments and its services.
They can allot service linking to debit cards, online banking mobile banking and also ATM cards. Payment Bank is also known as differentiated Bank will be allowed to set up outlets (branches), ATMs, business correspondence, etc. But will be restricted to activities authorized to Bank under the Banking Regulation Act, 1949. The minimum paid-up capital of the payment bank shall be 100 crores. These Payment banks are licensed and certified under the regulatory body.
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