What They Can
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.