Questions

The Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as member in ‘Financial Stability Institute Advisory Board’ of ‘Bank ofInternational Settlement (BIS)’. The Advisory Board will comprise a small but diverse group of central bank Governors, heads of financial sector supervision and chairs of standard-setting bodies and regional supervisory groups.Note:The ‘Financial Stability Institute Advisory Board’ of BIS assists financial sector authorities worldwide in strengthening their financial systems.

As per guidelines of the RBI, payments banks can accept demand deposits – savings and current – up to a maximum of ?1 lakh per customer. To overcome this restriction of holding a maximum balance of ?1 lakh per customer, payments banks have entered into tie-ups with mainline banks so that balances over ?1 lakh can be converted into fixed deposits with the latter.