The Reserve Bank of India (RBI) has now approved Scheduled Payments Bank and Scheduled Small Finance Bank to do government business. This decision of RBI is going to benefit companies like Paytm Payments Bank, Fino Payments Bank, India Post Payments Bank.
RBI said that now such banks are in government or other large corporations’ Request for Proposal (RFP), Primary Auction, Fixed Rate and Variable Rate Repo, Reverse Repo etc. can participate. They can also become a participant in the Marginal Standing Facility (MSF). These banks will now also be eligible to become partners in government financial inclusion schemes. Companies like Paytm Payments Bank, Fino Payments Bank, India Post Payments Bank are going to benefit from this decision of the central bank.
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