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
- Aditya Birla Nuvo
- Airtel M Commerce Services
- Cholamandalam Distribution Services
- Department of Posts
- FINO PayTech
- National Securities Depository
- Reliance Industries
- Sun Pharmaceuticals
- Paytm
- Tech Mahindra
- Vodafone M-Pesa
Name of the bank | Head quarters | Head Persons | Tagline | Points 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 Bank | It is India’s first payment bank,with its license issued on April 11, 2016 and operational since january 2017 |
Fino Payments Bank Limited | Mumbai, Maharashtra | Rishi Gupta,MD & CEO Mahendra Kumar Chouhan, Chairman | Qadar Aapki Mehnat Ki | Incorporated on 4th april 2017 |
India Post Payments Bank Limited | New Delhi, India | Suresh Sethi,MD &CEO | Aapka Bank Aapke Dwaar | Launched on 1 september 2018. It is operated under Department of Posts, Ministry of Communication |
Paytm Payments Bank Limited | Noida,U.P | Satish Kumar Gupta, MD and CEOVijay Shekar Sharma, Chairman | Simplifying Payments For India | Paytm Payments Bank is India’s only mobile-first bank with zero balance – zero digital transaction charge accounts. |
NSDL payment bank | Mumbai, Maharashtra | SP Narayanan, MD & CEO | Technology Trust and Reach | —– |
Jio payment bank | Vivek Bandhari, Chairman H Srikrishnan, MD & CEO | YOUR EVERYDAY BANK For all of your payments, banking and financial needs | It 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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