RBI today decided to grant "in-principle" approval to 11 applicants, including DoP, National Securities Depository Ltd and RIL, to set up payments banks.
The payments bank license will enable the Department of Post (DoP) to offer banking services to the masses through its vast network of 1,54,000 post offices, of which 1,30,000 are in rural areas. As per RBI guidelines, payments banks would offer a limited range of products such as demand deposits and remittances. They will not be allowed to undertake lending activities and will initially be restricted to holding a maximum balance of Rs.1 lakh per individual customer. They will be allowed to issue ATM or debit cards as also other prepaid payment instruments, but not credit ca
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