21. The objective of setting up of Payments Banks will be to further financial inclusion; the strategies will be by providing (i) small savings accounts and (ii) payments / remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users. The scope of the activities permitted for the Payment Banks included a. Acceptance of demand deposits.
Payments Bank will initially be restricted to holding a maximum balance of ₹ 1 lakh per individual customer, b. Issuance of ATM / debit cards c. Payments and remittance services through various channels and some ancillary activities. 8  BIS central bankers’ speeches  22. The deposits collected by them can be only in current or savings account; they cannot accept fixed deposits.