In order to promote the banking and make the people in rural and backward areas use bank for their savings the Apex bank of the country has introduced new rules for the payments banks. Yesterday RBI announced that payment banks will be allowed to accept the deposits of Rs 1,00,000 from the customers in the unbanked areas.
The payments banks in deed are established to support the Financial inclusion and help the migrant labourers. The payments banks will now issue ATM cards to the users and will alos allow the remit money from one account to another. The banks will support the people in unbanked areas specially the migrant labourers in such areas.
On the other hand paymnets will not be offering any kind of loan facilities. o other market investment will be allowed.