BANKING AFFAIRS

Detailed explanation-1: -In terms of these provisions, banks without the prior approval of the RBI, cannot open a new place of business in India or abroad or change otherwise than within the same city, town or village, the location of the existing place of business.

Detailed explanation-2: -a) Each of the Promoters should have a minimum 10 years of experience in banking and finance at a senior level. b) The Promoters should have a past record of sound credentials and integrity. c) The Promoters should be financially sound and should have a successful track record for at least 10 years.

Detailed explanation-3: -Section 22 in BANKING REGULATION ACT, 1949.

Detailed explanation-4: -The payments bank will be registered as a public limited company under the Companies Act, 2013, and licensed under Section 22 of the Banking Regulation Act, 1949, with specific licensing conditions restricting its activities mainly to acceptance of demand deposits and provision of payments and remittance services.

Detailed explanation-5: -For commencing banking business in India, every banking company is required to obtain a licence from the Reserve Bank of India, under the provisions of Section 22 of the Banking Regulation Act, 1949. No company can carry on banking business in India unless it holds a license issued by the Reserve Bank of India.