What They Can

Consumer Voice - - Bfsi Guide -

They are au­tho­rised to ac­cept cash and ef­fect cash pay­ments to cus­tomers. They can ac­cept de­mand de­posits like cur­rent ac­counts and sav­ings ac­counts. They can ex­tend debit card fa­cil­ity. Th­ese banks can ef­fect money trans­ac­tions on elec­tronic plat­forms such as ECS, NEFT and RTGS. They can un­der­take dis­tri­bu­tion of prod­ucts such as in­sur­ance and mu­tual funds sub­ject to RBI guide­lines ex­ist­ing as of now. They can act as busi­ness cor­re­spon­dents of an­other bank/en­tity sub­ject to RBI norms on such ac­tiv­ity.

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