No longer would you need to step into a bank branch, and wait in a queue for transactions. Here comes pared down banks that reach you through mobiles, What Payments banks are a relatively new concept in India, and are visualised as sized-down type of banks that are expected to reach customers mainly through their mobile phones rather than traditional bank branches. The entry capital that is required to set up a payments bank is Rs 100 crore. And like the pre-paid instrument providers, payments banks will not be allowed to hold more than Rs 100,000 per customer. Neither will they be allowed to lend. According to RBI, the payments banks would be...
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