NEWS & ADVICE : SAVINGS ACCOUNTS
Payments banks will not offer lending activities
By Vaibhav Aggarwal
Jul 18, 2014
Print    Email    RSS   

As a part of the financial inclusion plan RBI has decided to set up the payment banks which will help in enhancing the financial services in the country. It was reported that the payment banks will only accept demand deposits — current and savings bank deposits. The payment bank will not be providing any loan facilities.

Payments Banks are not expected to deal with sophisticated products. The main purpose of setting up the payments is the further financial inclusion. The payment banks would majorly be set up in the remote and unbanked areas. The payment banks will cater the migrant labours, low income household and other unorganized sector entities with the service of savings account and payment services. As per the rules and norms these banks will not be offering the term deposit facility.

It is to be ensured that the Payments Bank should widespread their network of access points particularly in remote areas, either through their own branch network, Business correspondents or through networks provided by others.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
How to check balance in savings bank account
12 point conduct checklist for bank and...
Carnival of Indian Personal Finance Blogs #1
Credit profile and its effect on loan...
Savings account portability: How...


want to get my passbook and cheque how can i get...
my bank Account statement to before 2 month to till...
i forget my canarara bank ATM pin No my card...
Kya mera ATM card aaya hai
how to change the contact number from old to new
HOW TO GET CIF NUMBER OF SBBJ

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive