CURRENT AFFAIRS

Detailed explanation-1: -The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on 1 September 2018.

Detailed explanation-2: -Banks. Bharti Airtel launched India’s first payments bank named Airtel Payments Bank in March 2017. Paytm Payments Bank, India Post Payments Bank, Fino Payments Bank and Aditya Birla Payments Bank have also launched services.

Detailed explanation-3: -The India Post Payments Bank launched on September 1, 2018, by PM Narendra Modi is a payments bank that aims at making banking services available at people’s doorstep.

Detailed explanation-4: -On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country.

Detailed explanation-5: -The Committee on Comprehensive Financial Services for Small Business and Low-Income Households, headed by Nachiket Mor, was formed on September 2013 by the RBI. The committee submitted its final recommendation on January 7th, 2014 which elaborated upon the formation of a new type of bank called payment bank.