List of Payments Banks
Complete list of 11 payments banks in India. 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)
Payments banks do not have the full fledged services of a regular bank. Their services are limited as following
- They can accept deposits upto Rs 1,00,000 per account
- Establish Remittances and Bill payments like utility bills
- Payments banks can issue Debit Cards / ATM Cards
- Mobile Banking is possible through payments banks
- E-commerce - Online Shopping payments
Payment banks cannot offer:
- Credit Cards
- They are not allowed to issue any type of Loans / Lending
- Cannot set up subsidiaries for non-banking financial services activities
A crisp article ! I never knew that so many payments banks had popped up in India. Also, It would be great if you can let me know how I can open an account in any of the payments bank. Also, let me know if these banks are safe enough just like nationalized banks. Is there any chance of acquiring interest on the idle amount in the account just like normal banks that offer interest in amount in SB account?
Payment banks will indeed make the life of citizens easier. They would be able to pay their regular and monthly bills with the help of a debit card which the bank will issue. This article provides a good overview of the features of a Payments banks. The list also covers all the payment banks in India in which people can open their accounts. Everyone, including a daily wage laborer to high-salaried employee to a wealthy businessman can open an account.
Payment banks to pay our daily or monthly bills. It is essential not only for the labourers but also for the high-end Indian family. As it allows ease of monthly payments. An informative article with all the necessary information.