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Janet in Trading psychology,

Is a banking revolution coming to India?

India's central bank has put the country's lumbering state-backed financial institutions on notice.

The Reserve Bank of India has authorized 11 companies to launch so-called payments banks, in a move that is likely to shake up the country's banking sector.

Payments banks, according to official regulations, can only accept deposits up to 100,000 rupees ($1,530). They aren't allowed to issue credit cards, or grant loans, and are required to primarily invest their deposits in government bonds.