Specialized banks to be set up to help low income households: RBI
By Joseph Samson
Jan 8, 2014
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In a meeting headed by Nachiket Mor to discuss on the issues to enhance the financial inclusion, RBI panel suggested to set up the specialized banks to help low income groups. RBI asked to establish separate ‘payment banks’ that will support low income and small business groups by providing them with withdrawal and deposits schemes.

These banks will aid poor people and will not be allowed to loan the money in the market and they can take a maximum of Rs 50000 only. These banks will gain profit from the services like online payments, money transfers etc.

It has been reported that within 3 months banks are supposed to submit the balance money in approved G-sections. The current banks are asked to set up these payments banks as secondary part

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