What are Payment Banks | Key Features of Payment Bank explained by Mr. Jasbir Singh | IPB India

Payments banks are a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit which is currently limited to INR 2 lakh per customer account. These banks cannot issue loans and credit cards. Both current accounts and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards online banking, and mobile Banking. Airtel has launched India's first live payments bank.

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