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The Reserve Bank of India facilitates the transactions of these banks like a regular bank with the exception of lending and issuing credit cards. Payment Bank eases the banking life as it brings more flexibility and convenience. They also offer several services to the consumers through secured digital platforms.The Reserve Bank of India introduced the concept of a specialized bank model in 2013, known as Payments Bank. Similar to the services provided by other Banks, Payment Bank renders a range of financial services except for facilitating loans and credit cards.
(1) Increased interest rates
(2) Secure and safes
(3) Conveince
(4) Zero balance account
(5) Additional Advantages
(1) The applicant must first register a Public Limited Company under the terms of the Companies Act 2013.
(2) Now, submit an application to the Apex Bank's CGM (Chief General Manager) for authorization to obtain a Payment Bank License.
(3) If the application company meets all of the requirements, the RBI will grant a Payment Bank License.
(4) Following the final phase, the applicant's name will be published on the RBI's official website.
(5) Finally, after receiving Apex Bank's primary approval to operate as a payment bank, the applicant company must form a bank within 18 months of the license's issue.
(1) Name of the individual promoter.
(2) PAN card details.
(3) Name of the guardian.
(4) Bank and branch details.
(5) Details of credit facilities.
(6) MOA and AOA.
(7) Track record of the company.
(8) Last three years income tax return.
(1) What is Payment bank license?
(2) Who can get payment bank license?
(3) What is guiding policy for foreign shareholding?
(4) Can NRI deposit in payment banks?
(5) Should i get payment bank license?
