Payments Bank in India

payments bank

In the era of “Digital India”, we prefer to do the payment online from our PC, Mobile and Also payment through the plastic card like a debit card and Credit Card is becoming very common nowadays. Payments Bank adds more value in the country of the digital transaction is doing today. Today we are going to discuss payments bank in details.

Payments Bank – New Concept of banking was introduced by the Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households. The committee was headed by Nachiket Mor (National Director for Bill and Melinda Gates Foundation – India & Also a member of the central board of RBI)

Key Points to keep in mind

  • Payments Bank has Deposit Limit of 1 lakh
  • No minimum balance needs to be maintained
  • Easy Account opening process – On mobile App of respective payments bank with Aadhar number & Bio-metrics (just a thumb impression ) in particular affiliated store
  • Cannot issue loans and credit cards
  • 74% FDI is Allowed
  • Can issue services like ATM cards, debit cards, net-banking and mobile banking
  • Airtel Payments Bank – India’s first live payments bank
  • Paytm Payments bank is 2nd Bank
  • India Post Payments Bank is the third one (Public Sector)
  •  Minimum Capital Required to Start operation is 100 Cr
  • For the first five years, the stake of the promoter should remain at least 40%

AIRTEL PAYMENTS BANKS

  • The joint venture between Bharti Airtel (80.1%) and Kotak MahindraBank (19.9%)
  • Airtel Payment Bank Ltd Started its 1st operation in Rajasthan
  • Anubrata Biswas is the MD & CEO of Airtel Payments Bank
  • Customer’s mobile number will be the bank account number
  • It also offers personal accidental insurance of Rs. 1 Lac with every Savings Account

PAYTM PAYMENTS BANK

  • Paytm received approval from RBI to start its Payment Bank in January 2017
  • The first branch started in Noida, Uttar Pradesh
  • Satish Kumar Gupta is a chief executive officer (CEO) of Paytm Payments Bank

IPPB

  • Indian Post Payments Bank
  • Suresh Sethi is MD & CEO
  • The first branch of IPPB inaugurated at Raipur and Ranchi on 30th January 2017.
  • IPPB played a major role in financial inclusion as India Post has about 1,54,000 post offices & 90% are in rural areas

FINO PAYMENT BANK

  • Fino Payments Bank launched operations with 410 branches going live across 14 states in July 2017
  • Managing director – Rishi Gupta

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