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.
▪️Note:-
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
Needs.
🛑NSDL Payments Bank
▪️Headquarter - Mumbai
▪️Tagline - Technology Trust and Reach
🛑Paytm Payments Bank
▪️Headquarter - Noida, UP
▪️Tagline - Simplifying payments for India