Payments banks convey express deposits (upto ₹1 lakh per account) together with offering payment services but produce non offering loans, dissimilar commercial banks. The banking concern volition offering an involvement charge per unit of measurement of 4.5% on deposits upwards to ₹25,000; 5% on deposits of ₹25,000-50,000 together with 5.5% on ₹50,000-1,00,000. The paid upwards equity of the novel banking concern is ₹800 crore, of which the regime has already infused ₹275 crore. 1,000 ATMs of Republic of Republic of India Post volition hold upwards transferred to IPPB.
A 3rd entity, Paytm, has too been given a payments banking concern licence past times RBI, together with is expected to launch soon.
MD & CEO of IPPB : A. P. Singh