List of Payments banks in India. The Reserve Bank of India (RBI) is India’s central bank and regulatory body under the jurisdiction of Ministry of Finance, Government of India. It is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system. It also manages the country’s main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran is one of the specialised divisions of RBI through which it mints Indian bank notes and coins. RBI established the National Payments Corporation of India as one of its specialised division to regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialised division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
Payments banks is an Indian new model of banks conceptualised by the Reserve Bank of India (RBI) without issuing credit. These banks can accept a restricted deposit, which is currently limited to ₹200,000 per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue ATM cards or debit cards and provide online or mobile banking. Bharti Airtel set up India’s first payments bank, Airtel Payments Bank
Here is a List of Payments banks in India
- Airtel Payments Bank
- India Post Payments Bank
- Paytm Payments Bank
- Jio Payments Bank
- Fino Payments Bank
- NSDL Payments Bank
List of Defunct Payments banks in India
Payment Banks which have surrendered license:
- Aditya Birla Payments Bank – Headquartered in Mumbai, the payments bank was opened in 2016, but due to lack of funds it shut its business in 2019 and it ceased to be a banking company in July 2020.
Entities which took up a license but surrendered without starting operations:
- Sun Pharmaceuticals
- Tech Mahindra
Was this article helpful?