......A payments bank, which will take deposits and offer payment and remittance services, will be constrained to invest all its funds in safe instruments such as government securities, Rajan said. The RBI governor said the proposed Post Bank could start as a payments bank, making use of post office outlets to raise deposits and make payments. The Department of Posts had applied for a banking licence in the last round. At that time RBI said it would consider the application of Department of Posts separately in consultation with the government. Rajan said a commercial bank could convert itself into a payments bank by maintaining 100% SLR margins, indicating that regulations will not favour a payments bank unduly..........
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