How to Withdraw from a Partnership in India
Starting a new business with a partner is exciting, isn’t it? But, as seen at times, things do not always quite go as expected. Any of the partners, voluntaril ...
Scheduled Payment Bank License
Explore our expert guidance for obtaining a Payment Bank License and compliances.
10000+
Happy Customers
15+
Industry Experience
50+
Experience CA + Lawyers
Free Consultation by Expert
Zero Account Balance
One of the major benefits of a payment bank is that it is not mandatory and obligatory for the account holder to maintain a certain amount as the minimum required amount.
Convenience
One key benefit of a Payment Bank lies in its broad distribution network, enabling telecom service providers and mobile wallets to convert their retail outlets into dedicated banking facilities.
Higher Interest Rate
The cost-saving benefit, due to operational efficiency, is further passed to the customer through higher interest.
Safe and Secure
The Reserve Bank of India introduced the concept of payment banks as a secure mode of online transactions, leveraging four-factor authentications for enhanced security.
Account No is same as Mobile No
This minor feature significantly enhances convenience for cardholders, especially small businesses and merchants, as they no longer need to remember additional numbers, like an account number, for conducting transactions.
Cashback and Discount Offers
A payment bank, like any other mobile wallet, provides the customer with a variety of discount and rebate incentives.
- Required to maintain CRR with the RBI on its outside demand and time liabilities.
- Invest min 75% of its demand deposit balances in SLR eligible Government securities/treasury bills with maturity upto 1 year.
- Hold max 25% in current and time/fixed deposits with other scheduled commercial banks
- Minimum paid-up capital for payment banks shall be Rs 100 crores
- Leverage ratio should not be less than 3%
- Promoter’s minimum initial contribution to the paid-up equity capital at least be 40 per cent for the first five years.
- Foreign shareholdings should be as directed by FDI policy for private banks which is amended time to time.
Statutory Audit
Tax Audit
Income Tax Return Filing
GST Return Filing
Registrar of Companies Returns
RBI Compliances
Mr. Manish is highly professional. We get the best service and advice. Very punctual and dedicated team, always stays upfront in informing anything to avoid obligations. Thank you so much.
Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
Under section 22 of the Banking Regulation Act, 1949, the Reserve Bank of India issues the Payment Bank License to the applicants.
Yes, payment banks can appoint its promoter company as its corporate BC on basis of arm’s length basis and also subjected to the RBI guidelines on BC’s.
No. NRIs are not permitted to make any deposit in the Payment Banks.
All the applicants for the payments bank’s license will be obligatory to furnish their project reports and business plans with their applications. The business plan for the application should address how the bank aims to achieve the purposes of setting up payment banks in India.
Yes. Under the payment system approval by the Reserve Bank of India, a Payment Bank can operate as a channel of accepting ‘remittances’ from banks, such as RTGS/IMPS/NEFT.
Why LLP Registration is the Best Option for You
A Limited Liability Partnership (LLP registration), as the name proposes, is a corporate business entity that enables a partnership between the business partne ...
5 Reasons to Register Your Partnership Firm
Most start-ups in recent times are thus evolving as partnership firms. Predominantly, the business types in India are either proprietorship firms or partnershi ...