Payments Banks Means it is a small banks done financial transactions
of merchants and consumers for taken into financial inclusion. A committee
headed by Dr Nachiket Mor to study 'Comprehensive financial services for small
businesses and low income households and increase financial inclusion services
to poor people. The RBI was setup guidelines of Payments Banks with an initial
amount of Rs 100 crores.The first five years the promoter allowed with at least
40% and FDI shares were allowed into the Payments Banks as per FDI guidelines. Among
the banks 25% Payments Banks were setup in the rural areas.Airtel was the first
payments Banks in India.
Functions Of Payments Banks
-They only accepts Deposits maximum Rs 1,00,000/- and allowed
for withdrawals depending on certain charges.
-Issues Debits cards,ATM cards, Net banking and Mobile
banking and allowed for issuing Credit cards.
-They did not grant any loans to depositors.
List of Payments Banks In India
-Airtel Payments Bank – Interest Rate -7.25%
-Paytm Payments Bank - Interest Rate – 4%
-India Post Payments Bank - Interest Rate – 5.5%
-FINO payments Bank - Interest Rate – 4%
