RBI Bars Paytm Payments Bank from Accepting Deposits

The Reserve Bank of India (RBI) has announced that Paytm Payments Bank will be barred from accepting deposits in any customer account starting next month.

Payments Bank

Payments banks operate on a smaller scale without credit risk. They were established based on the recommendations of the Nachiket Mor Committee.

Objective:

Advance financial inclusion for unbanked and underbanked areas.

Key Points:

• Registered as a public limited company under the Companies Act 2013.
• Licensed under the Banking Regulation Act 1949.
• Governed by the Banking Regulation Act 1949, RBI Act 1934, and the Foreign Exchange Management Act 1999.
• They are differentiated banks, not universal banks.
• Minimum paid-up equity capital: 100 crores.
• Promoter's initial contribution: At least 40% for the first five years.

Finance Minister Announces Schemes in the Interim Budget for Blue Economy

Blue Economy 2.0:

The Finance Minister announced schemes to enhance India’s maritime economy under the Blue Economy 2.0 initiative.

Other Initiatives:

• Deep Ocean Mission
• Matsya Sampada Yojana
• SAGARMALA