MUMBAI (Reuters) - The Reserve Bank of India (RBI) on Thursday issued draft guidelines for setting up payments banks and small banks aimed at expanding banking services to small businesses and poor households.
A committee appointed by the RBI had proposed in January the formation of such banks to enhance banking services in a country where about half of the households are outside the banking system.
The central bank said the minimum capital requirement for both payments banks and small banks would be 1 billion rupees ($16.6 million), out of which promoters would have to contribute at least 40 percent while setting up the bank.
The RBI has asked for public comments on the draft rules by Aug. 28.
(Reporting by Himank Sharma; Editing by Anand Basu)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app