As we know in 2014 RBI introduced a new type of Bank module which we call Payment Bank. Payment Bank has been introduced on recommendations of Nachiket Mor committee. So it is very important to know facts about Payment Bank if you are going to take any competition exam like CAT, IBPS Bank exam, Insurance, RRB Banks, SSC etc.
Points to Remember for Payment Bank according to exam view-
- RBI introduced a new model of banks under Banking Regulation Act, 1949.
- These Banks can accept a limited maximum amount (Currently 1 lakh) per customer.
- Payments Bank has not rights to issue loan and credit cards.
- But Payments Banks can issue debit card, chequebook and provide the Draft facility.
- In payment bank both Saving and Current accounts are operational.
- Payment bank can also provide the facility of ATM, net banking and mobile banking.
First Payment Bank-
Airtel has launched India`s first live payment bank while Paytm is 2nd and India Post Payment Bank is 3rd after Airtel and Paytm.
Recently Permitted Payment Bank-
Aditya Birla group has recently got a license to open payment bank on 3 March 2017 from RBI.
Total Number of Payment Bank got Licensed-
Till 05- July- 2017 only 11 companies (firms) got the license to open payment bank in India from RBI.
List of Payment Banks got License from RBI-
- Aditya Birla Nuvo
- Airtel M Commerce Services
- Cholamandalam Distribution Services
- Department of Posts
- FINO PayTech
- National Securities Depository
- Reliance Industries
- Sun Pharmaceuticals
- Paytm
- Tech Mahindra
- Vodafone M-Pesa
Recently FINO PayTech has started its services as payment bank in India from 30- June- 2017.
Three companies have surrendered their licences (Cholamandalam Distribution Services, Sun Pharmaceuticals, Tech Mahindra).
Eligibility for Payment Bank:
- Minimum Capital Requirement- 100 crores.
- The stake of promoter has at least 40% first five years.
- Must be registered as the public limited company under Company Act, 2013.
Important: On recommendations of Nachiket Mor committee Payments Banks formed under Banking Regulation Act, 1949.
