The Reserve Bank of India (RBI) today granted in-principle nod to 11 payment banks applicants. The RBI had received 41 applications for payments banks.
The central bank has approved applications of National Securities Depository Limited (NSDL), Reliance Industries , Aditya Birla Nuvo , Airtel M Commerce among others.
A payment banks differs from conventional banks as it cannot lend to its customers. It is allowed to take deposits, allow remittances and provide simple financial products. The payment bank will need to invest 75 percent of its funds in government securities.
The minimum capital needed to set up a payments bank is set at Rs 100 crore. The bank will be allowed to accept savings deposits of up to Rs 1 lakh from each customer.
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