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Thursday, December 12, 2019

Payments Banks in India




What is Payment Bank?
The main objective of the payment bank is providing small savings accounts and payments or remittance services to low income households,small businesses,other unorganized sector entities and other users.

On 23 September 2013, Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by Nachiket Mor, recommended for a new type of bank called payments bank. 

  
  11 entities selected to launch Payment banks
 
On 19 August 2015, the Reserve Bank of India gave “in-principle” licences to eleven entities to launch payments banks.They are
  1. Aditya Birla Nuvo
  2. Airtel M Commerce Services
  3. Cholamandalam Distribution Services
  4. Department of Posts
  5. FINO PayTech
  6. National Securities Depository
  7. Reliance Industries
  8. Sun Pharmaceuticals
  9. Paytm
  10. Tech Mahindra
  11. Vodafone M-Pesa
 From the above , entities Cholamandalam Distribution Services”, “Sun Pharmaceuticals”, “Tech Mahindra”,Aditya Birla Idea Payments Bank, Vodafone M-Pesahave surrendered their licenses.



Name of the bankHead quartersHead PersonsTaglinePoints to be remember
Airtel Payments Bank Limited New Delhi Anubatra Biswas,MD & CEOSunil Bharti Mittal, Chairman Banking Is Now At Your Fingertips,India’s First Payment BankIt is India’s first payment bank,with its license issued on April 11, 2016 and operational since january 2017
Fino Payments Bank LimitedMumbai, MaharashtraRishi Gupta,MD & CEO
Mahendra Kumar Chouhan, Chairman
Qadar Aapki Mehnat KiIncorporated on 4th april 2017
India Post Payments Bank Limited New Delhi, IndiaSuresh Sethi,MD &CEOAapka Bank Aapke DwaarLaunched on 1 september 2018. It is operated under Department of Posts, Ministry of Communication 
Paytm Payments Bank LimitedNoida,U.PSatish Kumar Gupta, MD and CEOVijay Shekar Sharma, ChairmanSimplifying Payments For IndiaPaytm Payments Bank is India’s only mobile-first bank with zero balance – zero digital transaction charge accounts.
NSDL payment bankMumbai, Maharashtra SP Narayanan, MD & CEO
 Technology Trust and Reach
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Jio payment bank  Vivek Bandhari, Chairman H Srikrishnan, MD & CEOYOUR EVERYDAY BANK For all of your payments, banking and financial needsIt is  a joint venture between reliance industries and State Bank of India in a 70:30 partnership.On April 3, 2018 Jio Payments Bank became the sixth payment bank to commence operations in India.





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