Payments bank

Payments banks are a new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. These banks can accept a restricted deposit, which is currently limited to 200,000 per customer and may be increased further.[1][2] These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue ATM cards or debit cards and provide online or mobile banking. Bharti Airtel set up India's first payments bank, Airtel Payments Bank.[3]

  1. ^ "Operating Guidelines for Payments Banks" (PDF). Reserve Bank of India. October 6, 2016. Retrieved August 12, 2019.
  2. ^ Ray, Anulekha (7 April 2021). "Payments bank deposit limit doubled by RBI". mint. Retrieved 16 April 2021.
  3. ^ Jain, Upasana (23 November 2016). "Airtel launches India's first payments bank". livemint.com.