5 out of 11 Payment Banks only are left in India 2024 | Future of Payment Banks

Описание: 5 out of 11 Payment Banks are left in India 2024 | Future of Payment Banks in India is a big question #paymentbank

Payments banks are a new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue 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 launched India's first payments bank named Airtel Payments Bank in January 2017. Paytm Payments Bank, India Post Payments Bank, Fino Payments Bank and Aditya Birla Payments Bank have also launched services.

Of the 41 applicants, the list of RBI approved for 11 provisional payments bank licenses are:
1. Aditya Birla Nuvo Limited
2. Airtel M Commerce Services Limited
3. Cholamandalam Distribution Services Limited
4. India Department of Posts
5. Fino PayTech Limited
6. National Securities Depository Limited
7. Reliance Industries Limited (Jio)
8. Shri Dilip Shantilal Shanghvi (Sun Pharmaceuticals)
9. Paytm Payments Bank Limited
10. Tech Mahindra Limited
11. Vodafone m-pesa Limited

The following is the list of those who surrendered their license:
Cholamandalam Distribution Services
Sun Pharmaceuticals
Tech Mahindra

The following is the list of defunct payments banks:
Aditya Birla Payments Bank (26 July 2019)
Vodafone m-pesa Limited

RBI revoked the license of payment bank:
Paytm Payment Bank (29th Feb 2024)

#paymentbank #indiapayment #paymentsolutions #paytmshareanalysis #paytm #paytmpaymentbank #airtelpaymentbank #airtelpaymentsbank #paytmpaymentsbank #finopaymentsbank #indiapostpaymentbank #indiapostpaymentsbank #jiopaymentbank #nsdlpaymentbank #futureofpaymentbank #digitalwallet #digitalwallets