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Reserve Bank of India has granted permission to which payments bank to add new customers, after it had initially barred the bank from opening bank accounts in June 2018?
- a)Jana Small Finance Bank
- b)ESAF Small Finance Bank
- c)AU Small Finance Bank
- d)Paytm Payments Bank
- e)None of these
Correct answer is option 'D'. Can you explain this answer?
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Reserve Bank of India has granted permission to which payments bank to...
On January 1, 2019, Reserve Bank of India granted permission to Paytm Payments Bank to add new customers after it initially barred Paytm from opening bank accounts in June 2018. This was due to non-compliance of the KYC norms and because Paytm Payments Bank had failed to maintain Rs 100 crore net worth limit. Post the audit, Paytm Payments Bank had removed Renu Satti from the chief executive’s role and replaced her with veteran banker and ex-NPCI senior executive Satish Gupta.
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Reserve Bank of India has granted permission to which payments bank to...
Paytm Payments Bank granted permission to add new customers:
Paytm Payments Bank was initially barred by the Reserve Bank of India from opening new bank accounts in June 2018. However, the bank has now been granted permission to add new customers by the RBI.
Reason for initial restriction:
The RBI had placed restrictions on Paytm Payments Bank due to certain regulatory concerns.
Current status:
The RBI has lifted the ban on Paytm Payments Bank, allowing them to resume adding new customers.
Impact of the decision:
This development will enable Paytm Payments Bank to expand its customer base and continue its operations smoothly.
Importance of Payments Banks:
Payments banks play a crucial role in promoting financial inclusion by providing basic banking services to underserved and unbanked populations.
Future prospects:
With the RBI's approval to add new customers, Paytm Payments Bank can now focus on growth and further strengthening its position in the market.
In conclusion, the RBI's decision to allow Paytm Payments Bank to add new customers is a positive development for the bank, as it paves the way for continued expansion and service offerings in the banking sector.
Paytm Payments Bank was initially barred by the Reserve Bank of India from opening new bank accounts in June 2018. However, the bank has now been granted permission to add new customers by the RBI.
Reason for initial restriction:
The RBI had placed restrictions on Paytm Payments Bank due to certain regulatory concerns.
Current status:
The RBI has lifted the ban on Paytm Payments Bank, allowing them to resume adding new customers.
Impact of the decision:
This development will enable Paytm Payments Bank to expand its customer base and continue its operations smoothly.
Importance of Payments Banks:
Payments banks play a crucial role in promoting financial inclusion by providing basic banking services to underserved and unbanked populations.
Future prospects:
With the RBI's approval to add new customers, Paytm Payments Bank can now focus on growth and further strengthening its position in the market.
In conclusion, the RBI's decision to allow Paytm Payments Bank to add new customers is a positive development for the bank, as it paves the way for continued expansion and service offerings in the banking sector.
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Reserve Bank of India has granted permission to which payments bank to add new customers, after it had initially barred the bank from opening bank accounts in June 2018?a)Jana Small Finance Bankb)ESAF Small Finance Bankc)AU Small Finance Bankd)Paytm Payments Banke)None of theseCorrect answer is option 'D'. Can you explain this answer?
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