Current Affairs - Banking - Discussion

A new Payments Bank 'Paytm Payments Bank' was formally launched at the hands of the Union Finance Minister Arun Jaitley. Currently, India has four Payments Bank including Paytm Payments Bank. The other three operational ones are Airtel Payments Bank, India Post Payments Bank and Fino Payments Bank. A payments bank is a differentiated bank. A customer can open a savings bank account in them and have deposits of up to Rs. 1 lakh. These banks cannot, however, lend money to their customers.