Small fin banks can join payment system only after getting licence

Entities that received in-principle approval for setting up payments banks and small finance banks can join any payment system only after getting the final licence, the Reserve Bank said on Tuesday. “... entities that have been granted in-principle approval by it for setting up payments banks and SFBs can apply to the RBI for membership of any centralised/ decentralised payment systems, including Bharat Bill Payment System, after receiving the licence for commencement of business under the Banking Regulation Act, 1949,” the central bank said in a release.