32758 Current Affairs, GK & News

India Post Payments Bank to be converted into Small Finance Bank

Indian Posts has made a decision to convert India Post Payments Bank into Small Finance Bank. This will enable the Bank to offer small loans to customers. Payment Banks Payments banks were introduced by the Reserve Bank of India (RBI) to meet the government’s financial inclusion target. A payment Bank will be set up as ..

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Major Banking Reforms of 21st Century

India is one among the top 10 economies in the world. Banking sector in India is robust and forms the most dominant segment of the financial sector. The banking industry acts as a pivot in the economic development of the country. The face of the banking industry has been witnessing changes over the years. The ..

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Small Finance Banks

On 27 November 2014, RBI had released the guidelines on Small Finance Banks along with the Payment Banks. The objective of small finance banks is to further financial inclusion by providing: Basic banking facilities to the unbanked and thereby boosting saving habits. Supply of credit to small business units, small and marginal farmers, micro and ..

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Payment Banks

About 40%-50% of India’s 1.25 billion population is eligible to open a bank account, but is still unbanked . In the Union Budget 2014-2015, the finance minister Arun Jaitley announced that RBI will create a framework for licensing small banks and other differentiated banks. The objective of differentiated banks was to serve the niche interests ..

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