Payment Banks Current Affairs, GK & News

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 ..

DakPay of India Post Payment Bank

“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 ..

Month: Current Affairs - December, 2020

Category: Government Schemes Current Affairs • India Nation & States Current Affairs

Topics: Bill Payments • DakPay • Digital Banking • India Post PAyment Bank • mobile application • Online Bill Payment • Payment Banks • QR code

Government relaxes norms of Atal Pension Yojana to expand coverage

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 ..

Month: Current Affairs - January, 2018

Category: Government Schemes Current Affairs

Topics: Atal Pension Yojana • Finance Ministry • Government Schemes • Payment Banks • Pension Schemes • Small Finance Banks • TNPSC

Airtel launches India’s first Payments Bank service in Rajasthan

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 ..

Month: Current Affairs - November, 2016

Topics: Airtel • Airtel Bank • Banking • Business • Economy • Financial inclusion • National • Payment Banks • Rajasthan

Payment Banks need RBI’s Prior product approval

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 ..

Month: Current Affairs - October, 2016

Topics: Banking • Financial inclusion • National • Payment Banks • RBI

Union Cabinet approves setting up of India Post Payments Bank

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 ..

Month: Current Affairs - June, 2016

Topics: Cabinet Decisions • Department of Post • India Post Payments Bank • National • Payment Banks

ICICI Bank partners with FINO PayTech for payments bank space

India’s largest private sector lender ICICI Bank has partnered with FINO PayTech to foray into the payments bank space. With this partnership, ICICI Bank joins some of the leading lenders of the country that have partnered with payments banks. For example, Kotak Mahindra Bank (KMB) and State Bank of India (SBI) have picked up stake ..

Month: Current Affairs - January, 2016

Topics: Banking • Current Affairs 2016 • FINO PayTech • Payment Banks