Payment Banks need RBI’s Prior product approval

Posted on:08 Oct 2016 09:21:32

Payment Banks need RBI’s Prior product approval
08 October 2016 Current Affairs GK: 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.

Employee of Payment Bank should be available for sufficient duration at a fixed location to attend customers. They must at least have 25% of access points in un-banked rural areas. The main mandate of Payment Banks is to offer remittance services. 

They will be not allowed to lend. Payment Banks can also offer simple financial products like insurance and mutual funds. The RBI may place suitable restrictions on the design, functioning, or other features of the product of Payment Banks. 

RBI may even discontinue the product launched by Payment banks if it feels that the product is not suitable for customers. RBI it will have no objection to payments banks making arrangements with other scheduled commercial bank or small finance bank.

Gk Current Affairs April 2017

25 APRIL
NEWS
24 APRIL
NEWS
22 APRIL
NEWS
21 APRIL
NEWS

Gk Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS

Gk Current Affairs February 2017

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
25 FEBRUARY
NEWS
24 FEBRUARY
NEWS




Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.