CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.

Detailed explanation-2: -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-3: -“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-4: -Banks. Bharti Airtel launched India’s first payments bank named Airtel Payments Bank in March 2017.

Detailed explanation-5: -We advise that “Paytm Payments Bank Limited” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide notification DoR. LIC. No. S926/16.03.