India Post can serve as PAYMENT BANK- RBI grants In Principle Approval

The Reserve Bank of India has today decided to grant “in-principle” approval to the DOP as  payments banks under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines).       Department of Posts PAYMENT BANK? Let us know something more about PATMENT BANK. First of all DOP will not be full time bank Approval for a period of 18 months during this period DOP has to comply with the guidelines and requirements of RBI Will accept deposits, remittances internet banking and other specified services. cannot issue CREDIT CARDS. can issue ATM debit cards No lending services NRI cannot open accounts. Individual holding restricted to 100.000/- This type of bank was created to help India reach its financial inclusion targets.  This type of bank is targeted at migrant labourers, low income households,small businesses, and other unorganised sector entities NO FOREX  What is the position of DOP. Is there going to be seperate entity? or present set up will continue. The payment banks has to get registered as PUBLIC LTD  under COMPNAIES ACT 2013. What will be position of DOP. PLEASE DO PARTCIPATE IN DSICUSSION