The Reserve Bank of India (RBI) on Thursday said the entities that had been granted a payments bank (PB) licence would need to take specific approval for the products they would be offering to customers.
“At the time of submitting application for licence, the PBs should submit to RBI a list of financial products they intend to offer with a clear description,” the banking regulator said in the operational guidelines. The RBI clarified such entities are required to have 25 per cent of their branches in un-banked rural centres within one year from the date of commencement of operations. — Special Correspondent
Bartaman Patrika epaper 07-10-2016: http://epaper.prabhatkhabar.com