[ESSAY] PAYMENT BANKS
Payment Bank is a entity which will allow you to open Savings and
Current Account like the other Banks. However, the difference is that a
Payment Bank can be your mobile operator or supermarket chain(eg. Big
Bazar) or even a NBFC.
Payment Banks helps the customer to handle cash a lot easier by
providing privileages like transferring money from your Mobile Phones to
any bank account or another mobile phone customer and also you can
recieve the money similar way.
The added advantages are paying bills, paying at the Shopping Retailers and recharges etc.
What Makes Payment Banks Different From Normal Banks?
Payment Banks helps the customer to handle cash a lot easier by providing privileages like transferring money from your Mobile Phones to any bank account or another mobile phone customer and also you can recieve the money similar way.
The added advantages are paying bills, paying at the Shopping Retailers and recharges etc.
Payment Banks helps the customer to handle cash a lot easier by providing privileages like transferring money from your Mobile Phones to any bank account or another mobile phone customer and also you can recieve the money similar way.
The added advantages are paying bills, paying at the Shopping Retailers and recharges etc.
India has a vast growing Mobile Users Database with over 91 Crore
customers. So basically providing the service will increase the
Financial Inclusion Programme. Basically it will help the citizen a lot
on the other hand it will boost up the financial inclusion.
Payment Banks will give an interest to the customer's account each year similar like Banks.
The only thing Payment Banks will note provide is Giving Out LOANS.
The RBI has stipulated that every payments bank must have an equity capital of 100 crore to start off and maintain a capital adequacy of 15 per cent. Apart from these, it will need to meet cash reserve requirements and needs to invest in specific securities to meet the statutory liquidity ratio. All these amounts are to be invested in government securities or treasury bills. Promoter’s holding must be at least 40 per cent for the first five years, and eventually reduced to 26 per cent over 12 years.
NACHIKET MORE COMMITTEE is the officially appointed Committee which recommended Payment Banks to increase the Financial Inclusion Programme.
Nachiket More Committee is also known as ‘Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households’.
Payment Banks will give an interest to the customer's account each year similar like Banks.
The only thing Payment Banks will note provide is Giving Out LOANS.
The RBI has stipulated that every payments bank must have an equity capital of 100 crore to start off and maintain a capital adequacy of 15 per cent. Apart from these, it will need to meet cash reserve requirements and needs to invest in specific securities to meet the statutory liquidity ratio. All these amounts are to be invested in government securities or treasury bills. Promoter’s holding must be at least 40 per cent for the first five years, and eventually reduced to 26 per cent over 12 years.
NACHIKET MORE COMMITTEE is the officially appointed Committee which recommended Payment Banks to increase the Financial Inclusion Programme.
Nachiket More Committee is also known as ‘Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households’.
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