Payments Bank License

What Is Payments Bank License?

Payments bank is micro-bank with limited banking functions. It is set up under the payment bank license guidelines issued by the Reserve Bank of India. As financial inclusion has been a focus of the RBI, payments bank help in providing financial services through smartphones.

Documents Required For Applying:

1. Furnished business plan
2. The shareholding pattern in the proposed bank
3. Latest Financial Statements, Income Tax Returns and Credit Reports
4. Details of banks from which credit facilities have been availed

What Is The Process Of Registration?

1. Fill and submit a completed application form along with the business plan
2. RBI will conduct a preliminary and thorough assessment of the applicant
3. When satisfied, RBI will grant approval that is valid for 18 months, during which time the bank should follow certain guidelines.