- RBI gave permission to 11 payment banks among which Bharti Airtel, Vodafone, Reliance Industry, Aditya Birla Nuvo, Idea Cellular exist
- Countries Postal Office also received green signal from RBI to act as Payment Banks.
- These 11 applicants will be given approval “in-principle” for 18 months and will get licenses if they fulfill all the conditions laid by RBI.
- RBI allowed these banks to take deposit and remittances but will not permit to lend money.
These banks are meant to make banking services available to everyone in the country