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