MUMBAI (TIP): Reserve Bank of India has said that the country will soon have its first payment bank as prescribed by a committee headed by Nachiket Mor to look into financial inclusion. Speaking at a BFSI Conference organized by SBI Capial Markets, HR Khan, deputy governor, RBI said, “I know that many are disappointed that RBI has issued only two universal bank licences.

But we will soon be coming out with new guidelines and the licencing will not be a window where everyone will have to rush at the same time,” said Khan. “We will shortly be coming out with a payment bank which has been recommended by the Nachiket Mor committee,” said Khan. He added that besides guidelines for a universal bank, RBI will have separate norms for small banks along with midsized commercial banks.

A payment bank, as envisaged by the Mor Committee, will provide transactional services like opening an account, allowing payments and remittances. However, it will not extend loans and invest the deposits in government securities. The objective of such a bank is to extend primary banking services to the hitherto unbanked. There have been reports that IndiaPost, one of the aspirants for a bank licence, would be granted a payments bank licence. There were 26 aspirants in all for a bank licence of which only two – IDFC and Bandhan were successful.