[3] On 23 September 2013, Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by Nachiket Mor, was formed by the RBI.
[6] On 17 July 2014, the RBI released the draft guidelines for payment banks, seeking comments for interested entities and the general public.
[9] It was also announced that an external advisory committee (EAC) headed by Nachiket Mor would evaluate the licence applications.
[10] On 28 February 2015, during the presentation of the Budget it was announced that India Post will use its large network to run payments bank.
[12] The "in-principle" license was valid for 18 months within which the entities must fulfil the requirements and they were not allowed to engage in banking activities within the period.
The RBI will grant full licenses under Section 22 of the Banking Regulation Act, 1949, after it is satisfied that the conditions have been fulfilled.
Indeed, ICICI Bank saw close to 60 million mobile-banking transactions in March 2019 though it was just a whisker ahead of Airtel, with under 7% of the market.
Initially, the deposits will be capped at ₹100,000 per customer, but it may be raised by the RBI based on the performance of the bank.