Recently, you have heard about new term Payment Banks. Lets Know more about this bank.
- Payment Bank are going to establish especially for middle/poor class people.
- The minimum paid - up equity capital for payment banks shall be Rs. 100 Crore.
- The payment bank should have a leverage ratio of net less than 3%.
- The cash limit in the accounts is just Rs. 1,00,000.
- It will be easier for anyone to open a bank account.
- Payment Banks can accept deposits up to Rs. 1,00,000 per customer. Customer will get interest on the money that is being deposited. They can be used for either current account or savings accounts.
- Payment banks can be integrated with your savings bank accounts via IMPS and NEFT transfers.
- Companies operated as mobile wallets is a big step as it raises the funds limit and it allows interest to be paid on the deposits. With this customers will more attract toward store their money in Paytm or M - Pesa.
- Payment Banks can not issue Credit Cards, they can issue ATM and Debit Cards. These ATM and Debit Cards will also work on all banks' machines.
- Out of 41 companies only 11 companies have been selected.
- Payment Banks can not accept NRI deposits.
- It is estimated that Payment Banks will ensure more money comes into the banking system and it will spread the banking in rural areas.
- Payment Bank licence will enable the network of 1,54,000 post offices (including 1,30,000 rural post offices) to offer banking services in the country.
- The selected 11 companies are as under:
1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Dilip Shantilal Shanghvi Limited
9. Vijay Shekhar Sharma Limited
10. Tech Mahindra Limited
