{"id":16107,"date":"2024-02-23T16:13:43","date_gmt":"2024-02-23T10:43:43","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=16107"},"modified":"2024-02-23T16:14:14","modified_gmt":"2024-02-23T10:44:14","slug":"payment-banks-india","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/payment-banks-india\/","title":{"rendered":"Know All About Payments Banks &#8211; For Bank &#038; Government Exams"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-banks-india\/#I_Know_All_About_Payments_Banks_in_India\" >I. Know All About Payments Banks in India&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-banks-india\/#II_NABARD_Grade_A_Online_Course\" >II. NABARD Grade A Online Course<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-banks-india\/#What_was_the_Objective_behind_Establishing_Payments_Bank\" >What was the Objective behind Establishing Payments Bank?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-banks-india\/#III_RBI_Grade_B_Online_Course\" >III. RBI Grade B Online Course<\/a><\/li><\/ul><\/nav><\/div>\n\n<p><span style=\"color: #000000;\">You must have heard about the payments banks in news for sure. Many of you might also have accounts in the payments banks. But are you really aware, what exactly payments banks are? Here in this article, we will get down to the nitty-gritty of <strong>payments banks in India<\/strong> and their scope. This knowledge can you answer questions in various <strong>bank &amp; government exams<\/strong> like <strong>RBI Grade B, NABARD Grade A, SBI PO, IBPS PO<\/strong> etc. Let us get started.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"I_Know_All_About_Payments_Banks_in_India\"><\/span><span style=\"color: #000000;\"><strong>I. Know All About Payments Banks in India&nbsp;<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><b>\u00bb What are Payment Banks?<\/b><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">A payments bank is like any other bank, but operating on a smaller or restricted scale.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Payments banks are registered as a public limited company under the Companies Act, 2013, and licensed under Section 22 of the Banking Regulation Act, 1949.<\/span><\/span><\/span><br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">The minimum paid-up equity capital of the payments bank shall be Rs. 100 crore.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"font-weight: 400; color: #000000;\">The promoters of the payments bank should hold at least 40% of its paid-up equity capital for the first five years from the commencement of its business.<\/span><\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><b>\u00bb <\/b><b>Scope of Activities of Payments Banks in India<\/b><b><br><\/b><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Acceptance of demand deposits initially restricted to holding a maximum balance of <\/span><b>Rs 100,000 <\/b><span style=\"font-weight: 400;\">per individual customer.<\/span><\/span><\/span> <br><br> <\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Issuance of <\/span><b>ATM\/debit cards<\/b><span style=\"font-weight: 400;\">.<\/span><\/span><\/span> <br><br> <\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">They <\/span><b>cannot<\/b><span style=\"font-weight: 400;\"> issue <\/span><b>credit cards<\/b><span style=\"font-weight: 400;\">.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">They are not allowed to give loans.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Payments and remittance services through various channels.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Distribution of non-risk sharing simple financial products like mutual fund units and insurance products, etc.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">They are only allowed to invest the money received from customers&#8217; deposits into government securities.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">They <\/span><b>cannot<\/b><span style=\"font-weight: 400;\"> accept <\/span><b>NRI deposits<\/b><span style=\"font-weight: 400;\">.<\/span><\/span><\/span><br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">A payments bank account holder would be able to deposit and withdraw money through any ATM or other service provider.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"font-weight: 400; color: #000000;\">Payments licensees would be granted to mobile firms, supermarket chains and others to cater to individuals and small businesses.&nbsp;&nbsp;<\/span><\/li><\/ol>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background\" href=\"https:\/\/www.oliveboard.in\/nabard-grade-a-b\/?ref=nabard-hny\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Get ESI &amp; ARD Notes + Mock Tests<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"color: #000000;\"><b>\u00bb Eligible Promoters of Payments Banks in India<\/b><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Existing non-bank Pre-paid Payment Instrument (PPI) issuers,<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Other entities such as individuals\/professionals,<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Non-Banking Finance Companies (NBFCs),<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Corporate Business Correspondents (BCs), mobile telephone companies,<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Supermarket chains, companies, real sector cooperatives; that is owned and controlled by residents; and<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Public sector entities may apply to set up payments banks.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"color: #000000;\"><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">A promoter\/promoter group can have a joint venture with an existing scheduled commercial bank to set up a payments bank.<\/span><\/span><\/span> <br><br><\/li><li><span style=\"font-weight: 400; color: #000000;\">Scheduled commercial banks can take an equity stake in a payments bank to the extent permitted under the Banking Regulation Act, 1949.<\/span> <p>&nbsp;<\/p><\/li><\/ol>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Get ESI &amp; FM Notes + Mock Tests<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p id=\"block-eff419a3-2c4e-47dd-a562-9633dd999116\">This is all from us in this article about the <strong>Payments Banks in India<\/strong>. We hope that you liked the information given in here. For more such informative articles, keep visiting <a href=\"https:\/\/www.oliveboard.in\/blog\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Oliveboard<\/strong><\/a>.&nbsp;<\/p>\n\n\n\n<p id=\"block-a0ccfca0-135f-4503-87ab-b49d80b23587\">If you are someone who is aspiring to become an <strong><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noreferrer noopener\">RBI Grade B officer<\/a><\/strong> or a <strong><a href=\"https:\/\/www.oliveboard.in\/nabard-grade-a-b\/?ref=nabard-hny\" target=\"_blank\" rel=\"noreferrer noopener\">NABARD Grade A officer<\/a><\/strong>, we have online preparation courses for your comprehensive preparation. Have a look at the course offerings below.<\/p>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\" id=\"block-a4912b97-5145-48ad-8ebf-c0902a26ca50\"><span class=\"ez-toc-section\" id=\"II_NABARD_Grade_A_Online_Course\"><\/span><strong>II. NABARD Grade A Online Course<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-47b97dbe-ca84-461f-b3c5-420576d17f92\">Check out Oliveboard\u2019s <strong>Online Preparation Courses<\/strong> for <strong><a href=\"https:\/\/www.oliveboard.in\/nabard-grade-a-b\/?ref=nabard-hny\" target=\"_blank\" rel=\"noreferrer noopener\">NABARD Grade A exam<\/a><\/strong> comprising of Video Lessons, Study Notes, Current Affairs, Descriptive English, Topic Tests, Mock Tests for Phase-1, and Phase-2 and much more.<strong>Kick-start your Preparation with NABARD Grade A Cracker Course Here<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_was_the_Objective_behind_Establishing_Payments_Bank\"><\/span>What was the Objective behind Establishing Payments Bank?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Payments banks were established to boost financial inclusion, targeting the unbanked. Operating primarily through digital channels, they offer essential services, fostering accessibility and cost-effectiveness.<\/p>\n\n\n\n<p>Key Objectives of Payments Banks:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Financial Inclusion:<\/strong><ul><li>The primary goal is to bring the unbanked and underbanked population into the formal financial system. Payments banks aim to provide banking services to individuals who may not have had access to traditional banks.<\/li><\/ul><\/li><li><strong>Digital Transactions:<\/strong><ul><li>Emphasis on digital transactions and electronic payments to foster a cashless economy. Payments banks leverage technology to provide convenient and secure digital banking experiences.<\/li><\/ul><\/li><li><strong>Affordable Banking:<\/strong><ul><li>To offer cost-effective and affordable banking services, with a focus on minimizing fees and transaction costs. This makes banking services more accessible to a broader spectrum of the population.<\/li><\/ul><\/li><li><strong>Remote Access:<\/strong><ul><li>Overcoming geographical barriers by providing banking services through digital channels, enabling individuals in remote areas to access basic financial services without the need for physical bank branches.<\/li><\/ul><\/li><li><strong>Promoting Financial Literacy:<\/strong><ul><li>Payments banks often engage in initiatives to enhance financial literacy, educating customers on the benefits of formal banking, digital transactions, and responsible financial management.<\/li><\/ul><\/li><li><strong>Partnerships and Collaboration:<\/strong><ul><li>Collaborating with existing banks, financial institutions, and technology providers to create a robust ecosystem for financial services. This involves leveraging partnerships to expand service offerings and reach.<\/li><\/ul><\/li><\/ol>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background\" href=\"https:\/\/www.oliveboard.in\/nabard-grade-a-b\/?ref=nabard-hny\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Get Started with your NABARD Grade<\/strong> <strong>A<\/strong> <strong>Preparation<\/strong> <strong>Today<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-e5c603ef-b079-474c-95d4-4aa93ac19461\"><img decoding=\"async\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2020\/01\/PPT-NABARD-Grade-A-1.png\" alt=\"NABARD Grade A Online Course\"\/><\/figure>\n\n\n\n<hr class=\"wp-block-separator\" id=\"block-9145b316-f144-41cc-90c1-73e17a23af80\"\/>\n\n\n\n<h2 class=\"has-black-color has-text-color wp-block-heading\" id=\"block-07c24ad8-bdfb-425a-b17f-57ffd6dc4e5a\"><span class=\"ez-toc-section\" id=\"III_RBI_Grade_B_Online_Course\"><\/span><strong>III. RBI Grade B Online Course<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-5c7467e9-97f6-4393-87d5-2a8d7092b165\">Check out Oliveboard\u2019s <strong>Online Preparation Courses<\/strong> for <a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbi-eb\"><strong>RBI Grade B<\/strong><\/a> comprising Video Lessons, Study Notes, Current Affairs, English Descriptive, Topic Tests, Mock Tests for Phase-1, Phase-2 <strong>(<\/strong><a href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbi-eb\"><strong>Objective + Descriptive Tests<\/strong><\/a><strong>),<\/strong> and much more.<strong>Kick-start your Preparation with RBI Grade B Cracker CourseHere<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-white-color has-vivid-cyan-blue-background-color has-text-color has-background\" href=\"https:\/\/www.oliveboard.in\/rbi-grade-b\/?ref=Rbihny\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Get Started with your RBI Grade B Preparation Today<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image\" id=\"block-2dfbfada-3d52-4698-967f-df0643fd520d\"><img decoding=\"async\" src=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/PPT-1-1.png\" alt=\"RBI Grade B Online Course\"\/><\/figure>\n\n\n\n<p id=\"block-1a3203c1-4682-4f72-8234-02492dc37518\"><strong>Connect with us on<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-f636a00f-f86e-46d3-af47-74fa9c546885\"><li><a href=\"https:\/\/t.me\/sebi_nabard_rbi\"><strong>Telegram<\/strong><\/a><\/li><li><a href=\"https:\/\/discuss.oliveboard.in\/\"><strong>Discuss Forum<\/strong><\/a><\/li><li><a href=\"https:\/\/www.youtube.com\/channel\/UCRvrHAyNdOMI_JBkE2pjZtw\"><strong>YouTube<\/strong><\/a><\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You must have heard about the payments banks in news for sure. Many of you might also have accounts in<\/p>\n","protected":false},"author":1,"featured_media":74873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,550,2586,10237,10226,320,10247],"tags":[5991],"class_list":["post-16107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-nabard","category-notes","category-preparation-resources","category-rbi","category-rbi-grade-b","category-rbi-sebi-nabard","tag-payment-banks-in-india","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Know All About Payments Banks in India - For Bank &amp; Government Exams<\/title>\n<meta name=\"description\" content=\"Know All About Payments Banks in India - For Bank &amp; Government Exams like RBI Grade B, NABARD Grade A, SBI PO, IBPS PO etc.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/payment-banks-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Know All About Payments Banks - For Bank &amp; Government Exams\" \/>\n<meta property=\"og:description\" content=\"You must have heard about the payments banks in news for sure. Many of you might also have accounts in the payments banks. 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