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-Pesa,  have surrendered their licenses.

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.