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RBI releases final guidelines for setting up of Payments Banks

The Reserve Bank of India released its final guidelines for the setting up of payments banks in the country. The move aimed at improving financial inclusion in the country will allow  Pre-paid Payment Instrument (PPI) issuers, Non-Banking Finance Companies (NBFCs), corporate BCs, mobile telephone companies, super-market chains, companies, real sector cooperatives; that are owned and controlled by residents; and public sector entities to apply for a licence as promoters. The move is significant as it allows virtually any company to set up a payments bank in the country. The Nachiket Mor Committee report said that this will end the PPI license and points out the difficulty existing companies face in providing financial inclusion. " Given the difficulties being faced by PPIs and the underlying prudential concerns associated with this model, the existing and new PPI applicants should instead be required to…

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