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Payment banks will reduce cost of access to banking system, says RBI Governor

Aug 20, 2015 06:35 PM IST India India
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The Reserve Bank of India (RBI) has given its approval to set up  non-lending payments banks. Payments bank licence will allow companies to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers. Besides, they can issue ATM/debit cards, but not credit cards.

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