world focus magazine Published this article page no 100 They are eligible for refinancing facility from the RBI at the bank rate acquire membership to clearing house and get access to currency storage facility. About Payment Bank Suggested by Nachiket Mor committee in 2013 it is a bank registered under Companies Act 2013 and licensed under Banking Regulation Act 1949. Minimum paidup equity capital of the payments bank is 100 crores and it is required to maintain a minimum capital adequacy ratio of 15%. Promoters of the payments bank should hold at least 40% of its paidup equity capital for the first 5 years. o Promoterpromoter group can have Joint Venture with an existing SCB. They operate on a smaller scale with no credit risk (cant advance loans or issue credit cards). It can accept demand deposits (up to Rs 1 lakh) offer remittance services mobile paymentstransfers purchases and other banking services They maintain Cash Reserve Ratio (CRR) with RBI and invest in eligible government securities treasury bills under Statutory Liquid Ratio (SLR). They can access interbank uncollateralised call money market and collateralized repo and CBLO market for temporary liquidity management. Recently SEBI allowed the payment banks to act as investment bankers i.e. to work in raising capital for corporations governments or other entities like Goldman Sachs Morgan Stanley. DEPOSIT INSURANCE AND CREDIT GUARANTEE CORPORATION (DICGC) (AMENDMENT) ACT 2021 Deposit Insurance and Credit Guarantee Corporation (DICGC) (Amendment) Act 2021 has been in news recurrently. About DICGC DICGC is a wholly owned subsidiary of the RBI created under the DICGC Act 1961 with Deputy Governor of RBI as its exofficio Chairman. Governed by the provisions of the DICGC Act of 1961 and DICGC General Regulations of 1961 DICGC is liable to pay the insured deposit amount to depositors of an insured bank. It registers a bank as insured immediately and automatically on issuance of banking license world focus magazine buy.
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