Meaning
A Payments Bank is a specialized bank licensed by the RBI to offer basic banking services such as deposits, payments, and remittances, but without issuing credit cards or offering loans.
Key Features
- Accepts deposits up to RBI-specified limits
- Offers savings and current accounts
- Facilitates bill payments and fund transfers
- Provides debit cards and mobile banking
Payments Banks aim to boost financial inclusion, especially in rural and underserved areas.
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