Payments Bank

The company said, given the trend, the bank would add one million on a monthly basis

The Reserve Bank on Monday raised the minimum capital requirement for small finance banks to Rs 200 crore and permitted Payments Bank to upgrade as SFBs. Incidentally, the net worth of all SFBs currently in operation is in excess of Rs 200 crore. Issuing the revised guidelines, the Reserve Bank said that for Primary (Urban) Co-operative Banks (UCBs) desirous of voluntarily transiting into SFBs, the initial requirement of net worth would be at Rs 100 crore, which will have to be increased to Rs 200 crore within five years from the date of commencement of business. Payments Banks can apply for conversion into SFB after five years of operations if they are otherwise eligible as per the guidelines, it said. Meanwhile, Fino Payments Bank, in a statement, said the bank has already applied for an SFB licence as per regulatory guidelines on Payments Bank conversion to SFB. The regulator is examining the application and awaiting further comments from the RBI as per the process, Fino ...

Besides banking correspondent services through tie-ups with banks, the shops will be allowed to sell other commodities and general store items

IPO was Rs 300 crore fresh fund raise, Rs 900 crore secondary share sale by promoter Fino Paytech; bank will use fresh proceeds to augment tier-1 capital base

Payments Bank turns profitable; Nil bank debt in India businesses

Through these acquisitions, Persistent is forming a new payments business unit and expanding its cloud capabilities

Regulating how payment facilitators store customers' card details and auto-renewal of payments puts industry at crossroads.

ICICI Prudential Life Insurance has entered into a corporate agency agreement with NSDL Payments Bank, a subsidiary of National Securities Depository Ltd (NSDL).Under the agreement, ICICI Prudential Life will provide its customer-centric protection and savings products to customers of NSDL Payments Bank.N S Kannan, the Managing Director and CEO of ICICI Prudential Life Insurance, said the key objective of both partners is to leverage technology to provide a hassle-free and immersive experience to customers."We believe our customer-centric protection and long-term savings products will enable NSDL Payments Bank customers to provide financial security to their loved ones and help them achieve their financial goals," he said in a statement on Thursday."This partnership is also a step towards fulfilling our commitment to address the huge protection gap in the country," added Kannan.Ashutosh Singh, CEO of NSDL Payments Bank, said the COVID-19 pandemic has emphasised the importance of ...

Until now, a total of four players in payment banking space have shut shops

Vodafone m-pesa was one of the 11 firms that was given payments bank licence by the Reserve Bank of India in 2015

Sources said the RBI wanted to check the eKYC process

Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm

Begins pilot in Rajasthan; customer's Airtel mobile number to be his or her bank account number

Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in