The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks. While payment banks will offer remittance services, small banks will offer low-ticket loans and basic banking services within a limited area of operation. After initial screening to ensure eligibility, the central bank will set up an external committee to vet applications, which will be invited after the final norms are issued. Successful applicants will have to start operations within a year of the date of approval............
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