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Payment Banks Headquarters & Taglines | IBPS PO Prelims & Mains Preparation - Bank Exams PDF Download

Introduction

Payments Banks are banks that are set up with an objective to provide small savings accounts and payments or remittance services to low-income households, small businesses, other unorganized sector entities, and other users. These banks can able to operate current accounts and saving accounts. They can issue ATM or Debit cards, Net Banking, and Mobile Banking facilities but don’t have the rights to provide lending services such as credit cards and issue loan facilities.

Introduction

Below is a list of Active payment banks Headquarters, Taglines, MD & CEO, and Chairman. 

Introduction

  • India's First Payment bank, License was received on April 11, 2016.
  • As of now, 7 Payments Banks are live and Jiyo was the latest payment bank to commence its operation.
  • RBI gives license to 11 entities selected to launch Payment banks on 19 August 2015. They are 
    1. Aditya Birla Nuvo 
    2. Airtel M Commerce Services 
    3. Cholamandalam Distribution Services
    4. Department of Posts 
    5. FINO PayTech 
    6. National Securities Depository Limited (NSDL) 
    7. Reliance Industries 
    8. Sun Pharmaceuticals 
    9. Paytm 
    10. Tech Mahindra 
    11. Vodafone M-Pesa 

Out of these, Cholamandalam Distribution Services, Sun Pharmaceuticals, and Tech Mahindra have surrendered their licenses.

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