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Features of Payments Bank
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Deposits
Demand Deposits & savings bank deposits from any individuals, entities and other small firms, will be accepted.However, NRI deposits will not be accepted.The eligible deposits mobilized by the payments bank would be insured under Deposit insurance and credit guarantee corporation (DIGC) to a holding of maximum balance of Rs 1,00,000 per individual customer.This limit is subject to change as per RBI regulations.
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Payments /Remittance
Payments Banks will provide remittance and payments services to migrant labor workforce, low-income households, small business & other unorganized sectors.
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ATM/BCs.
Payments banks can set up their outlets such as branches, ATMs and Bussiness Correspondents (BCs) which will be regulated by the Banking Regulations Act 1949.
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Cross-border remittance service
The banks can handle cross-border remittance transactions if they are in nature of personal payments /remittances on the current account.Prior approval will be taken from RBI in the application before providing such kind of services.
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Internet Banking
Payments banks will provide low-cost tools over internet banking for receiving and transferring funds directly as approved by RBI.
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Financial Services
A payments bank further can deal in with non-risk sharing simple financial services activities, including mutual funds units distribution, insurance solutions products, pension plans etc, adhering to terms and conditions imposed by the RBI.
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