Banking in India: Current Affairs, GK & News - 2020-2021

Payment Banks

Published: May 1, 2018

Payments banks are a new model of banks conceptualised by the Reserve Bank of India (RBI) to meet government’s financial inclusion target. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services but cannot undertake lending services. Payments ..

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BHIM-Aadhar Payment System

Published: April 7, 2018

The BHIM Aadhaar platform and application seek to minimize the role of plastic cards and point of sale machines, which hitherto are believed to be essential for cashless transaction.  Under this, a customer has to link his bank account with his Aadhaar number. As of now, around 40 crore bank accounts are already linked to ..

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The Aditya Birla Idea Payments Bank starts operations

Published: February 26, 2018

The Aditya Birla Idea Payments Bank Ltd (ABIPBL) has become the 5th entity to begin operations as a payments bank with effect from February 22, 2018. The ABIPBL is a joint venture between Aditya Birla Nuvo Ltd (51%) and Ideal Cellular (49%). The Reserve Bank of India (RBI) has issued a licence to the bank ..

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Biswamohan Mahapatra appointed as non-executive chairman of National Payments Corporation of India

Published: February 10, 2018

Biswamohan Mahapatra has been appointed as non-executive chairman of the National Payments Corporation of India (NPCI) for a period of two years, with effect from February 8, 2018. He succeeded B Sambamurthy, who was the interim chairman of the NPCI board. Apart from him, Dilip Asbe is the Managing Director & CEO of the organisation.

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Union Government allows Atal Pension Yojana for Small Finance Banks and Payments Banks

Published: January 27, 2018

The Union Government has allowed Small Finance Banks and Payments Banks to offer Atal Pension Yojana (APY). Recently, 10 Small Finance Banks and 11 Payment Banks have got license from Reserve Bank of India to start banking operations in the country. The Banks include Ujjivan Small Finance Bank, Janalakshmi Small Finance Bank, Suryoday Small Finance ..

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