Reliance, Airtel, Vodafone coming up with payments banks soon

[Sarkar]

Mumbai: Companies run by billionaires Mukesh Ambani and Kumar Mangalam Birla as well as telcos Bharti Airtel and Vodafone, Department of Posts, Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), Fino PayTech, PayTM are among the 11 entities that Wednesday got the Reserve Bank's nod to set up non-lending payments banks as part of the financial inclusion drive.

Payments bank licence will allow companies to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds.

Besides, they can issue ATM/debit cards, but not credit cards.

Reliance, Airtel, Vodafone coming up with payments banks soon

 

[wewake]

Difference Between Regular Commercial Banks and Payment Banks

In regular banks like SBI, PNB, ICICI, AXIS etc you can deposit your money in saving accounts, current accounts, Fixed Deposit, Recurring Deposit etc. But in Payment Banks you can Deposit your money in Current and Savings Account. There will be no FD or RD in Payment Banks.

Payment Banks can't lend money to it's customers. Because these banks will be targeted towards poor people, labourers and low income households. So they can't take risks.

Payment Banks will not provide services like Credit Card and NRI Accounts. Only they will offer to their customers is ATM card.

Maximum Deposit Money that payment banks can accept is not be more than 1 lakh rupees.

 

[Vicky]

Awesome news & very thanks for share @ Sankar bro:clap:clap:luv:luvtup

 

[Sai Jai]

thnx for the sharing sarkar and wewake bro's :clap:claptup