New Small Tech dominant Banks to be licensed

RBI has issued a new set of guidelines for licensing small Payment Banks.

The essence of the new rules is that it will open the doors for Telecom operators, Super Market Chains, and NBFCs to enter Banking in a limited way.

These small “Payment Banks” can accept deposits upto Rs 1 lakh but cannot give loans. They need to invest their money only in Government Bonds.

Though these entities will be called “Banks”, these will be functioning more like  “Digital Wallet Keepers”. Minimum capital will be Rs 100 crores

Presently RBI has sought views from interested parties including public.

Details here

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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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