Unlock Payment License For Free

Activities That Cannot Be Undertaken By Payment Banks Payment banks receive a 'differentiated' bank license from the RBI and hence cannot lend. Payment banks cannot issue credit cards. It cannot accept time deposits or NRI deposits. It cannot issue loans.

Note:- If payment has been debited from Account and got failed, then follow below steps to re-verify your failed transaction. Please Login through User ID/Password which is provided by RTO. You will receive all failed transactions against Application After Login. Click on Re-verify Button.

Fee payment successfully done and fee receipt printed but in application status it's still showing pending. You need to contact your Zonal Office/Transport Department, while carrying the original document(s) or contact helpdesk.

Requisites For Setting Up a Payment Bank The bank shall have a minimum paid-up capital of Rs 100 crore. A capital adequacy ratio of minimum of 15% of its risk-weighted assets and a leverage ratio of not less than 3% shall be maintained.

Payments banks can accept a limited deposit of ?100,000 per customer and may be increased further. These banks cannot lend loans and issue credit cards but they can offer services such as net banking, ATM cards, debit banks and Mobile Banking.

The main eligibility to comply with RBI guidelines and receive the ?In-Principle authorisation to act as a payment aggregator,? a fintech firm must have had a net worth of Rs 15 crore by March 2021, Rs 25 crore by March 2023, and Rs 25 crore at all times thereafter. Why is the license significant for fintech firms?

Ans. The Payment banks also can only accept demand deposits and hold up to Rs. 1 lakh per person, whereas Small Finance Banks (like Universal Banks) can accept all types of deposits such as FD, RD, Savings, and Current, etc.