CURRENT AFFAIRS

Detailed explanation-1: -Airtel Payments Bank has partnered with Axis Bank, to digitise the cash collection system in India’s tier III cities and semi-urban regions. Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitization of last-mile cash collections.

Detailed explanation-2: -“Reserve Bank of India has today, in exercise of its powers, inter alia, under section 35A of the Banking Regulation Act, 1949, directed Paytm Payments Bank Ltd to stop, with immediate effect, onboarding of new customers, ” the central bank said in a statement.

Detailed explanation-3: -India currently has 6 Payment Banks namely, Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank and Jio Payment Bank.

Detailed explanation-4: -Airtel Payments Bank has been categorised as a scheduled bank by the Reserve Bank of India (RBI) in the second schedule of the Reserve Bank of India Act, 1934. With this, Airtel Payments Bank can now pitch for the government.