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Sunday, 5 November 2017

Quick insight to Payments Bank.


Payments banks is a new model of banks conceptualized by the Reserve Bank of India (RBI) with the objective of achieving financial inclusion and increased access to financial services. A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. It can carry out most banking operations but can't advance loans or issue credit cards. It can accept demand deposits (up to Rs.1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers. 

Why payments banks? The main objective of payments bank is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment. With payments banks, RBI seeks to increase the penetration level of financial services to the remote areas of the country.
System
Access Deposits
Advance Loans
Make Payment
Commercial Banks like SBI, PNB
YES
YES
YES
Payment Network operations (Master Card, Visa)
NO
NO
YES
Payments Bank
YES
NO
YES


Join the revolution. Start your Digital Savings Account today!
Source: Wiki, The Economic Times. Complied and Presented by Preetham Shetty & Co. Chartered Accountants
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1 comment:

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