Payment Banks Current Affairs, GK & News

Payment Banks

April 26, 2015

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 ..

DakPay of India Post Payment Bank

December 16, 2020

“DakPay” is an application launched by India post payment Bank as a part of its ongoing initiatives to provide digital financial inclusion to the country. The application was launched by the Union Minister for communications, law and Justice and electronics and information technology Sri Ravi Shankar Prasad. Key features The customers of India post payments ..

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Government relaxes norms of Atal Pension Yojana to expand coverage

January 27, 2018

The Union Finance Ministry has relaxed norms of Atal Pension Yojana (APY) to allow small finance banks and payment banks to offer APY distribution. The move is expected to help expand coverage of the scheme and strengthen existing channels of APY distribution. Key Facts The APY scheme follows same investment pattern as applicable to National ..

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Airtel launches India’s first Payments Bank service in Rajasthan

November 24, 2016

Airtel Payments Bank Limited or Airtel Bank became the first payments bank in the country to launch live banking services in Rajasthan. The pilot phase of the Airtel bank launched in Rajasthan aims at testing systems and processes ahead of a full scale pan Indian launch. Key Facts Airtel Payments Bank is a subsidiary of ..

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Payment Banks need RBI’s Prior product approval

October 7, 2016

The Reserve Bank of India (RBI) has notified entities that have been granted a payments bank (PB) licence will need to take specific approval for products they would be offering to customers. In this regard, RBI has issued separate operating guidelines for payments banks in view to focus on financial inclusion. Key Facts Employee of ..

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Union Cabinet approves setting up of India Post Payments Bank

June 2, 2016

The Union Cabinet has given its approval for setting up the India Post Payments Bank (IPPB) as a Public Limited Company under the Department of Posts. It will have 100% Government of India (GOI) equity and shall be established with total expenditure of 800 Crore rupees. Now, the IPPB will obtain banking licence from RBI ..

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