What is Payments Banks ?

OrgbleNews Published on: September 4, 2018 195 Views
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The payments banks are given the status of booked banks under the segment 42 (6) (an) of the Reserve Bank of India Act, 1934.The rules issued by RBI will be evaluated now and again. RBI's primary target to open payments banks is to serve the need of exchange and savings account in rural areas. On 19 August 2015, the Reserve Bank of India gave "on a fundamental level" licenses to eleven elements to dispatch payments banks. Aditya Birla Nuvo, Airtel M Commerce Services, Cholamandalam Distribution Services, India Post, Fino PayTech, National Securities Depository, Reliance Industries, Vodafone M-Pesa,