Airtel Payments Bank Categorised as Scheduled Bank
Recently, Airtel Payments Bank has been categorised as a scheduled bank by the Reserve Bank of India (RBI).
About Scheduled Banks
- Scheduled banks are those banks that are listed under Schedule II of the Reserve Bank of India Act, 1934.
- The bank's paid-up capital and raised funds must be at least Rs. 5 lakh to qualify as a scheduled bank. These banks are liable for low interest loans from the RBI.
- They also have membership in clearing houses.
- They also have numerous obligations to fulfill such as maintaining an average daily Cash Reserve Ratio with the central bank.
Functions
- Acceptance of deposits ....
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