Reserve Bank of India gave in-principle approval for the following 11 organisations to establish payment banks in Aug 2015.
- Reliance Industries (70% RIL, 30% SBI)
- Vodafone M-Pesa
- Airtel M-commerce
- Vijay Sekhar Sharma (PayTM)
- Aditya Birla Nuvo (Idea Cellular)
- Tech Mahindra
- Dilip Shanghvi (Sun Pharma)
- Cholamandalam Distribution Services
- Fino Paytech
- Department of Posts (India Post)
- National Securities Depository Limited (NSDL)
Payment banks can offer:
- Accept deposits upto Rs 1,00,000 per individual
- Remittances & Bill payments
- Issue Debit Cards/ ATM Cards
- Internet Banking
- Business Correspondents of other Banks
- Digital Payments
- Mobile Banking
- Buy Insurance / Mutual Funds
- Online Shopping payments
Payment banks cannot offer:
- Credit Cards
- Cannot issue any type of Loans / Lending
- Cannot set up subsidiaries for non-banking financial services activities
Payments bank is a banking institution which is setup under RBI guidelines and will allow companies to accept deposit up to Rs. 1 Lakh. These bank can give debit cards which will allow people to pay bills at any supermarket, hotels, petrol pumps,etc. The above article is a good effort done to list down all the payment banks in India. which will be very useful for everyone.
Thank you for the comprehensive information, it will be useful for travelers also, who use payment banks to offset any risks associated with credit card fraud and traveler’s cheques.
Please keep it up to date, as we all know the banking sector is ever growing and people might need access to more and more institutions in very different regions. Thank you 🙂