But how is a payments bank different than our regular bank? Payments bankAccording to the Reserve Bank of India guidelines for licensing of payments banks, the main objective of a payments bank is to enhance financial inclusion. At present, other payments banks like Paytm Payments Bank, Fino Payments Bank and Aditya Birla Payments Bank are also operational. A payments bank aims to further financial inclusion, especially through savings accounts and payments services. As per RBI guidelines, payments banks can’t accept fixed or recurring deposits.

Source: Mint September 05, 2018 04:07 UTC