✔ Payment Banks can’t offer loans but can raise deposits of upto `1 lakh, and pay interest on these balances just like a savings bank account does.
✔ They can enable transfers and remittances through a mobile phone.
✔ They can offer services such as automatic payments of bills, and purchases in cashless, chequeless transactions through a phone.
✔ They can issue debit cards and ATM cards usable on ATM networks of all banks.
✔ They can transfer money directly to bank accounts at nearly no cost being a part of the gateway that connects banks.
✔ They can provide forex cards to travellers, usable again as a debit or ATM card all over India.
✔ They can offer forex services at charges lower than banks.
✔ They can also offer card acceptance mechanisms to third parties such as the‘Apple Pay.’
✔ They can’t issue credit cards