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India Post gets payments bank licence to start services (Relevant for GS Prelims and Mains Paper II)

India Post has received payments bank licence from the Reserve Bank of India to start rollout of banking operations commercially under the permit. India Post Payments Bank is the third entity to receive payments bank permit after Bharti Airtel and Paytm.

About Payments Bank
Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses. The new model of banking allows mobile firms, supermarket chains and others to cater to banking requirements of individuals and small businesses. It will be set up as a differentiated bank and will confine its activities to acceptance of demand deposits, remittance services, Internet banking and other specified services.

Background
In 2015, RBI had granted ‘in-principle’ approval to 11 entities, including Department of Posts, to set up payments banks and proposed to give such licences ‘on tap’ basis in future.
However, Tech Mahindra, a consortium of Sun Pharmaceutical Industries Ltd promoter Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services and Cholamandalam Investment and Finance Co. backed have dropped their plan to roll out payments bank.



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