Payments Banks in India

Payments bank - Wikipedia, the free encyclopedia

A payments bank is a type of non-full service niche bank in India. A bank licensed as a payments bank can only receive deposits and provide remittances. It cannot carry out lending activities. This type of bank was created to help India reach its financial inclusion targets. This type of bank is targeted at migrant labourers, low income households, small businesses, and other unorganised sector entities.
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Official Statement from Vodafone India

Sunil Sood, MD & CEO, Vodafone India says
“We are grateful to the RBI for giving us the licence for setting up a payment bank. With over 90,000 ‘M-Pesa’ agents, we are already providing people in remote areas a convenient way to, transfer money and make payments in a safe and secure manner. We have partnered with several government bodies to run pilots for enabling direct transfer of wages/subsidies. The payment bank licence will enable us to build on this further and offer a more comprehensive portfolio of banking and financial products and services, accelerating India’s journey into a cashless economy.”
“We remain committed to actualize the government’s vision of financial inclusion by leveraging the reach of mobile technology to service the unbanked and underserviced sections of the society.”
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1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited
8. Shri Dilip Shantilal Shanghvi
9. Shri Vijay Shekhar Sharma
10.Tech Mahindra Limited
11.Vodafone m-pesa Limited
 

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