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RBI floats guidelines for setting up small banks, payment banks

21 Jul 2014 Evaluate

With an objective of furthering financial inclusion, the Reserve Bank of India (RBI) has floated draft guidelines for setting up of two new types of banks -payment banks and small banks. While, small banks will disburse small-ticket loans to farmers and businesses, payment banks will cater to marginalized sections of society, including migrant labourers, for collecting deposits and remitting funds.

A Payment Bank though would be able to take deposits, but cannot lend and would have to invest all the funds in government securities. On the other hand, small Bank would be allowed to lend, but with restrictions on where they can operate. These two types of banks will have uniform capital requirement of Rs 100 crore as against Rs 500 crore required for normal commercial banks, according to the guidelines. However, of the minimum capital requirement of Rs 100 crore, the promoters’ initial minimum contribution will be at-least 40%, to be locked in for a period of five years. This shareholding would be later brought down to 40% within three years, 30% within a period of 10 years, and to 26% within 12 years from the date of commencement of business of the bank.

As per the guidelines, the proposed small banks will provide a whole suite of basic banking products such as deposits and supply of credit, but in a limited area of operation. On the other hand, payment banks will offer a limited range of products such as acceptance of demand deposits and remittances of funds. Payment Bank would have a widespread network of access points particularly in remote areas, either through their own branch network or through Business Correspondents (BCs) or through networks provided by others.

Meanwhile, in terms of eligibility, while existing non-bank pre-payment instrument issuers, non-banking finance companies (NBFCs), corporate BCs, mobile telephone companies, super-market chains, companies, real sector cooperatives and public sector entities may apply to set up a payments bank, resident individuals with 10 years of experience in banking and finance, companies and societies will be eligible as promoters to set up small banks. Besides, NBFCs, micro finance institutions (MFIs), and Local Area Banks (LABs) could also quality for conversion into small banks.

Notably, these guidelines come just days 10 after Finance Minister Arun Jaitley, in his budget speech, highlighted that RBI would create a framework for licensing small banks and other differentiated banks.

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RBI floats guidelines for setting up small banks, payment banks

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