List of Payment Banks in India
Name of Bank |
Headquarters |
Date of Establishment |
Features |
Owned By |
---|---|---|---|---|
Airtel Payment Bank |
New Delhi |
January 2017 |
Joint venture between Bharti Airtel and Kotak Mahindra Bank |
Anubrata Biswas |
Fino Payment Bank |
Mumbai, Maharashtra |
April 2017 |
Promoted by Fino Paytech, ICICI Group, and Bharat Petroleum |
Rishi Gupta |
India Post Payment Bank |
New Delhi |
September 2018 |
Operated by the Department of Posts, Ministry of Communications |
J. Venkatramu |
Paytm Payment Bank |
Noida, Uttar Pradesh |
2017 |
Operates under One97 Communications, the parent company of Paytm |
Vijay Shekhar Sharma |
NSDL Payment Bank |
Mumbai, Maharashtra |
Oct 2018 |
Promoted by National Securities Depository Limited |
Mr Ashutosh Singh |
Jio Payment Bank |
Navi Mumbai, Maharashtra |
2018 |
Joint venture between Reliance Industries and State Bank of India |
Reliance Industries (70%) State Bank of India (30%) |
1. Airtel Payment Bank
Bharti Airtel, India’s largest telecom provider, launched Airtel Payments Bank in January 2017 to promote the government’s promised cashless transformation. The Airtel Payments Bank is a distinct bank dedicated to Transforming the Way India Banks by reinventing every process, product, and service involved with banking with the customer’s needs at the centre of every effort. Its methods are designed to make banking easier and more straightforward for all customers. They are empowering clients by expanding the availability of their services, whether online or in-person. And they are working hard to make the banking experience more courteous for all of our clients. Airtel Payments Bank’s mission is to render banking accessible, simple, and inclusive to all Indians.
2. Fino Payment Bank
On June 23, 2007, the bank was established as the Fino Fintech Foundation.Following the surrender of the licence under Section 8 of the Companies Act 2013, it was renamed to Fino Fintech Private Limited, and a new certificate of incorporation was issued on December 15, 2015. Following the shift of the banking institution to a public corporation, the official title of the institution was modified on 03 February 2017 to Fino Fintech Limited. On April 4, 2017, the official title of the financial institution was renamed to Fino Payments Bank Limited after receiving approval from the RBI. On June 30, 2017, the bank opened its doors for business. The bank is a completely owned subsidiary of FINO PayTech Ltd, which provides business and banking-specific platform-based solutions and financial inclusion services. The bank offers an extensive variety of financial products and services to the rural poor, as well as those from underprivileged and unserved classes.
3. India Post Payment Bank
India Post Payments Bank (IPPB) was established under the Department of Post, Ministry of Communication, with the Government of India owning 100% of the stock. On 30 January 2017, IPPB was launched as a pilot project in Ranchi (Jharkhand) and Chhattisgarh, with the goal of having presence across India by the fiscal year 2018-2019. Through a network of a single location and 649 banking outlets managed by Business Correspondents, IPPB has expanded its reach across India, covering post offices.
4. Paytm Payment Bank
Paytm Payments Bank (PPBL) is an Indian payments bank headquartered in Noida that was created in 2017. It is a subsidiary of the mobile payment business paytm. It was granted a licence by Reserve Bank of India to operate a payments bank in the same year, and it began operations in November 2017. The RBI granted the bank scheduled bank status in 2021. Vijay Shekhar Sharma owns 51% of the company, while One97 Communications owns 49%.
5. NSDL Payment Bank
The headquarter of the NSDL Payments Bank is located in Mumbai. The organisation commenced its activities in October of 2018. NSDL Payments Bank Limited is a non-governmental organisation based in India. The legal classification of this public company is “company limited by shares.
6. Jio Payment Bank
Jio Payments Bank Limited, an Indian payments bank that commenced operations in 2018, operates as a subsidiary of Reliance Industries’ Jio Platforms. The Reserve Bank of India (RBI) granted Reliance Industries preliminary sanction to establish a payments bank in accordance with the Banking Regulation Act of 1949. Then, in November 2016, in collaboration with the State Bank of India, it established Jio Payments Bank Limited. Jio Payments Bank Limited is a State Bank of India and Reliance Industries joint venture in the proportions of 70:30.
Payment Banks in India
Payments Bank was founded on the Nachiket Mor Committee’s suggestions to run on a smaller scale with little credit risk. The goal is to promote financial inclusion by providing banking and financial services to unbanked and underbanked areas, migrant workers, low-income households, small entrepreneurs, etc. They are registered under the Companies Act of 2013 but supervised by the Banking Regulation Act of 1949, RBI Act of 1934, Foreign Exchange Management Act of 1999, Payment and Settlement Systems Act of 2007, and others.
Table of Content
- Features of Payment Banks
- Payment Banks Regulations
- List of Payment Banks in India
- Activities That Can be Performed by Payment Banks
- Activities That Cannot be Performed by Payment Banks
- Difference between Payment Banks and Commercial Banks