Sun May 29 2022

🛑 Payment Banks🛑 ● A payment Bank is operating on a smaller on restricted scale. It can accept only Demand deposits and not time Deposits. ● Minimum paid up capital of this Bank is Rs.100 Crore and maximum balance per individual customer is Rs. 2 Lakh.
● Recommendation: Nachiket Mor Committee ● The payment Banks carry out most banking operations but cannot advance loans or issue credit cards. ● The main objective of setting up of payment Bank is to promote financial Inclusion by providing Small account savings accounts and payment / remittance services to migrant labour workforce, low-income households, small businesses, other unorganized sector entities & other users.
Eligibility: ● Non-bank Pre-paid payment Instrument (PPI) issues. ● Individuals / professionals, NBFCs, Business correspondents, mobile companies, Real sector cooperatives owned & Controlled by residents. ● Promoter group having a joint venture with existing scheduled commercial bank to set up payment bank. ● Registered under the companies Act, 2013. ● The minimum paid-up capital for opening a payment bank is Rs.100 crore for first 5 years of commencement, the Promoter must contribute at least 40% of the paid-up capital.
India's First Payment bank, License was received on April 11, 2016.

List of Payment Bank in India:-

🛑 Airtel Payment Bank (1st Payment Bank)
▪️Headquarter - New Delhi
▪️Tagline- Banking Is Now At Your Fingertips India’s First Payment Bank

🛑 Fino Payments Bank
▪️Headquarter- Mumbai
▪️Tagline - QadarAapkiMehnat Ki

🛑Indian Post Payment Bank
▪️Headquarter- New Delhi
▪️Tagline - Aapka Bank Aapka Dwar

🛑Jio Payments Bank
▪️Headquarter - Mumbai
▪️Tagline - everyday bank for all of your
payments, banking and financial

🛑NSDL Payments Bank
▪️Headquarter - Mumbai
▪️Tagline - Technology Trust and Reach

🛑Paytm Payments Bank
▪️Headquarter - Noida, UP
▪️Tagline - Simplifying payments for India