Payments banks may convert to a small finance bank after 5 years of business3 min read 05 Dec 2019, 10:48 PM IST
Existing rules do not allow payments banks to lend, and deposits are capped at ₹1 lakh per customer
The RBI also raised the minimum paid-up capital requirement for SFBs from ₹100 crore to ₹200 crore
MUMBAI : Payments banks can apply for conversion into small finance banks (SFBs) after five years of operation, provided they meet the eligibility criteria, the Reserve Bank of India (RBI) said on Thursday, as it announced the final guidelines for on-tap licencing of private sector SFBs.
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