RBI Imposes Restriction on Payment Bank
On 31stJanauary, 2024, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank Ltd (PPBL), following a system audit report and subsequent compliance validation report of external auditors.
About Payment Banks
- Based on the recommendations of the Nachiket Mor Committee, Payments Bank was set up to operate on a smaller scale with minimal credit risk.
- The main objective is to advance financial inclusion by offering banking and financial services to the unbanked and under banked areas, helping the migrant labour force, low-income households, small entrepreneurs etc.
- They are registered under the Companies Act 2013 but are governed by a host ....
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