The RBI has said that it will come out with detailed clarifications for the benefit of intended applicants on newly-issued guidelines for setting up small finance and payment banks. In a notification issued in Mumbai yesterday, the RBI said it has been receiving queries from intending applicants seeking clarifications on these guidelines.Considering that the clarifications sought would be of wider interest and use for all intending applicants, the Reserve Bank has decided to post the clarifications on its website. It said the clarifications would be posted on its website, while the identity of those raising queries would be kept confidential.RBI had issued guidelines regarding licensing of small finance and payment banks on November 27, 2014. The queries may be sent by December 15, 2014 to the RBI. RBI while issuing guidelines for licensing of small finance and payment banks late last month, prescribed a minimum capital requirement of 100 crore rupees to set up the same and without any restriction on the area of operation.These banks will initially be allowed to undertake basic banking activities including small business units, small and marginal farmers, micro- and small industries and unorganized sector entities.