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PAYMENT BANKS IN INDIA

                     
                 PAYMENT BANK

Payments banks is a new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to 100,000 per customer and may be increased further.[1] These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking. Bharti Airtel set up India's first live payments bank.




On 23 September 2013, Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by Nachiket Mor, was formed by the RBI.[2] On 7 January 2014, the Nachiket Mor committee submitted its final report.[3] Among its various recommendations, it recommended the formation of a new category of bank called payments bank.[4] On 17 July 2014, the RBI released the draft guidelines for payment banks, seeking comments for interested entities and the general public.[5] On 27 November, RBI released the final guidelines for payment banks.[6]


* RBI released the list of entities which had applied for a payments bank licence. There were 41 applicants.


The minimum capital requirement is 100 crore. For the first five years, the stake of the promoter should remain at least 40%. Foreign share holding will be allowed in these banks as per the rules for FDI in private banks in India.


will be regulated by the Banking Regulation Act, 1949.




Of the 41 applicants, the list of RBI approved for provisional payments bank licenses are:


  1. Aditya Birla Nuvo Limited
  2. Airtel M Commerce Services Limited
  3. Cholamandalam Distribution Services Limited
  4. India Department of Posts
  5. Fino PayTech Limited
  6. National Securities Depository Limited
  7. Reliance Industries Limited
  8. Shri Dilip Shantilal Shanghvi
  9. Paytm Payments Bank Limited
  10. Tech Mahindra Limited
  11. Vodafone m-pesa Limited


The following is the list of active payments banks:



  1. Airtel Payments Bank
  2. India Post Payments Bank
  3. Fino Payments Bank
  4. Jio Payments Bank
  5. Paytm Payments Bank
  6. NSDL Payments Bank 


Bharti Airtel launched India's first live payments bank named Airtel payment bank in March 2017.[16] Paytm payment bank, India Post payment bank ,Fino Payment bank and Aditya Birla Payment Bank[17] have also launched services. Cholamandalam Distribution Services, Sun Pharmaceuticals and Tech Mahindra have surrendered their licenses. Aditya Birla have discontinued their services from 26 July 2019.


PAYMENT BANKS


Name of the Payments bankHeadquartersMD & CEOTagline
Airtel Payments Bank LimitedNew DelhiAnubrata BiswasBanking is at your fingertips; India’s first payments bank
Paytm Payments BankNoida, UP
Vijay Shekhar Sharma 
Simplifying Payments for India
Fino Payments BankNavi Mumbai, MaharashtraRishi GuptaQadar aapki mehnat ki
Indian Post Payments BankNew DelhiSuresh SethiAapka bank, aapke dwaar
Jio payments BankNavi MumbaiH.Srikrishnan Chairman: Vivek Bhandari
Aditya Birla Idea payments Bank

MumbaiSudhakar Ramasubramanian