RBI today decided to grant
"in-principle" approval to 11 applicants, including DoP, National
Securities Depository Ltd and RIL, to set up payments banks.
The payments bank license will enable the Department
of Post (DoP) to offer banking services to the masses through its vast network
of 1,54,000 post offices, of which 1,30,000 are in rural areas. As per RBI
guidelines, payments banks would offer a limited range of products such as
demand deposits and remittances. They will not be allowed to undertake lending
activities and will initially be restricted to holding a maximum balance of
Rs.1 lakh per individual customer. They will be allowed to issue ATM or
debit cards as also other prepaid payment instruments, but not credit cards.
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