Payments bank: GK, Current Affairs, Questions, Trivia and News

Airtel Payments Bank launches ‘Bharosa savings account’

The Airtel Payments Bank has launched the Bharosa Savings Account to deepen the financial inclusion in the country. It has been designed to serve the unique needs of under-banked and unbanked population of India. The account offers free Personal Accident Insurance cover worth Rs 5 Lakhs on maintaining a balance of just Rs 500 along ..

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 ..

India Post Payments Bank (IPPB) ties up with FSS to create payments network for unorganized retail

The India Post Payments Bank (IPPB) has partnered with Financial Software and Systems (FSS) to create payments network for unorganized retail. FSS is a payments technology company that enables micro-merchants to accept payments online, or via Unified Payments Interface (UPI), Quick-Response (QR) codes, Aadhaar and IPPB accounts. FSS will also provide merchant management and settlement ..

Payment Banks

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 ..

The Aditya Birla Idea Payments Bank starts operations

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 ..

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

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 ..

Suresh Sethi appointed as new MD & CEO of India Post Payments Bank (IPPB)

Suresh Sethi, the former MD of Vodafone M-Pesa Ltd., has been appointed as the new Managing Director & Chief Executive Officer (MD & CEO) of India Post Payments Bank (IPPB). He succeeded A.P. Singh, who had been the interim MD & CEO of IPPB since January 2017. Sethi has broad international experience of over 27 ..

Airtel Payments Bank become India’s first payments bank to integrate UPI on its digital platform

The Airtel Payments Bank (APB) has become the India’s first payments bank to integrate the UPI on its digital platform. This will add to customer choice and convenience for making secure digital payments to online/offline merchants and making instant money transfers to any bank account in India.