functions can be undertaken by a Payments Bank

A Payments Bank can undertake the following functions:

1. Acceptance of Deposits: Payments banks can accept deposits up to a maximum of Rs. 1 lakh per individual customer.

2. Issuance of ATM/Debit Cards: Payments banks can issue ATM/debit cards to their customers. However, they are not allowed to issue credit cards.

3. Payments and Remittance Services: They can provide payments and remittance services to various sectors, enhancing the efficiency of transactions.

4. Financial Services: Payments banks can act as a distributor of financial products like mutual funds and insurance.

5. Forex Services: They can provide forex cards to travelers, usable again as a debit or ATM card all over India.

6. Transfer of Money: They can facilitate money transfers, such as remittances, to different sectors of the economy.

7. Bill Payments: Payments banks can also provide bill payment services for utilities and other services.

8. Internet Banking: They can offer internet banking services, enabling customers to operate their accounts and make transactions online.

9. Mobile Banking: They can provide mobile banking facilities as well, allowing customers to make transactions through their mobile phones.

10. Interest on Deposits: Payments banks can offer interest on the deposits they hold, just like any other commercial bank.