
Dos of payments banks
* Has to use the word ‘Payments Bank’ in its name to differentiate from other banks * Accept demand deposits, i.e., current deposits, and savings bank deposits from individuals, small businesses and other entities* To hold a maximum balance of Rs one lakh per individual customer.* Will be allowed to set up branches, ATMs, BCs* Allowed to issue debit cards also offer internet banking* Can accept a large pool of money to be remitted but at the end of the day the balance should not exceed Rs one lakh* Can accept remittances to be sent to or receive remittances from multiple banks* Permitted to handle cross border remittance transactions in the nature of personal payments / remittances on the current account* Allowed...