ICICI Bank partnered with FINO PayTech to venture into the payments bank space.
RBI Regulations:
- It allows universal banks to invest up 30 per cent in payments banks but ICICI can increase its stake if there is a requirement.
- Payments banks are not allowed to lend. They are also not allowed to offer fixed deposits but only savings and current account products are allowed.
- Payments banks can hold a maximum balance of Rs.1lakh per individual
Recently, State Bank of India and Kotak Mahindra Bank have picked up stakes in the payments banks to be lifted by Reliance Industries and the Bharti group respectively.
Keys FINO Paytech:
- It is a business correspondent has received an in-principle licence from RBI to start a payments bank.
- CEO : Rishi Gupta
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