Tech : Some Information about Payment Banks in India. What is Payment Banks and it's function?

Payments Banks:

                            This is a new model of bank in India incited by former RBI (Reserve bank of India ) governor Raghuram Rajan (2013-2016) in 2014.

These banks can accept a deposit upto  ₹100,000 ($ 1500 around) per customer.

They can't issue loans and credit cards but can operate savings and current  accounts.  Also they can give services like ATM Cards, Debit Cards,  Online Banking,  Mobile Banking,  UPI Banking  ( Unified Payment Interface,  This service launched by RBI), Aadhaar Banking  (banking system use biometric authentication for payment no need any password or pin)

Requirement for Payments Banks :

                                                           The minimum capital requirement is  ₹100 crore ($ 15m).         Foreign share holding will be allowed in these banks as per rules of FDI ( foreign direct investment ) in the private banks in India.

These banks must use "Payments bank " term in their name. 70% of its deposited amount should be invest in the government bond ( India ) and 25% of its branches must be in the unbanked rural area.

Launched  Payments banks :

                                            Currently "Airtel Payments bank " has been launched on 15th January 2017, India Post has been launched on 30th january 2017 and "Paytm Payments bank" will be launched on the 1st week of February 2017.

RBI already given to these companies to launch Payments bank

1.India Post

  2.Airtel M commerce

3. Airtel M commerce Services

4. Cholamandalam Distribution Services

5. Fino Pay Tech

6. National securities Depository

7. Reliance  Industries

8. Sun pharmaceuticals

9. Paytm

10. Tech Mahindra

11. Vodafone  M pesa   etc.
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