The payments banks in India were established in order to achieve financial inclusion and these banks can only accept deposits. They cannot undertake lending activities. The RBI has given the approval to open such banks as per Section 22(1) of the Banking Regulation Act 1949. Payment banks have been set up as per the recommendations of the Nachiket Mor committee and they can only accept deposits upto Rs 1 lakh per individual. These banks have to invest at least 75% of its funds in the government securities.
What is the purpose of the 'National Creators Award' announced by the government?
Which atmospheric monitoring station in Antarctica did China inaugurate in 2024?
How many rural habitations will receive all-weather connectivity under Phase IV of PMGSY?
Who has been appointed as the next Chief of the Naval Staff, effective from the afternoon of April 30, 2024?
Which industry had the highest number of operational factories in FY23 according to the Annual Survey of Industries (ASI)?
What is the unique feature of the state-of-the-art Submersible Platform for Acoustic Characterisation and Evaluation (SPACE)?
Which measure is linked to Uttar Pradesh's invocation of the Essential Services Maintenance Act (ESMA)?
Which organization developed the lightest Bullet Proof Jacket (BPJ) featuring the Front Hard Armour Panel (FHAP)?
What is the primary goal of the $50 million loan signed between the Government of India and ADB for Meghalaya?
Which state won the IDCA Under-19 T20 cricket championship in 2024?
