Indian companies had raised USD 1.41 billion in borrowings from overseas markets in October 2018.
To convert into an SFB, payments banks have to complete five years of operations and meet certain eligibility norms.
Das said the pause was temporary and the central bank wanted to assess the effect of its policy after reduction of 135 basis points in five policies this year.
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Slashes GDP growth forecast for FY20 to 5% from the earlier projection of 7.4%, but keeps key rates unchanged
Accordingly, the loading of such PPI will be only through a bank account and it could be used for making only digital payments such as bill payments and merchant payments, among others.
'I cannot remember the last time there has been such a resounding surprise as far as the RBI decision is concerned,' said Taimur Baig, managing director at DBS Group Research.
On the Sensex chart, Bharti Airtel, Tata Steel, IndusInd Bank, HeroMoto Corp and Tata Motors were among the major laggards.
The repo rate and inflation have an inverse relationship. If the rate is increased, it will bring down inflation and if the rate is lowered, inflation will go up.
The real estate industry, in particular, has been facing some difficult times and with inventories piling up the need to push demand and encourage purchase is now more than ever.
The RBI has also given its suggestions on changes in regulations that are required for regulating the cooperative bank sector better.
The sharp decline in growth had many analysts assuming the RBI will deliver a rate cut on Thursday.
The shocking memories of Q1 growth at 5 per cent are probably still fresh and until the air is clear on the 'unknown knowns,' RBI is unlikely to make a move.
All the six members of the MPC voted in favour of a rate pause. The CPI inflation projection is revised upwards to 5.1-4.7 per cent for H2 FY20 and 4-3.8 per cent for H1 FY21.
The Sensex gains were driven by heavyweight Reliance Industries, followed by automakers like Heromoto Corp and Tata Motors.