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