What are the 6 payment banks in India?
India currently has 6 Payment Banks namely, Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank and Jio Payment Bank.
| Payment Bank | Headquarters |
|---|---|
| Paytm Payments Bank | Noida |
| India Post Payments Bank | New Delhi |
| Fino Payments Bank | Mumbai |
| Jio Payments Bank | Mumbai |
On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country.
Scheduled Small Finance Banks. Regional Rural Banks. Foreign Banks. Payment banks (currently four banks Airtel Payments Bank, Fino Payments Bank, India Post Payments Bank, Paytm Payments Bank have been granted Scheduled bank status).
India Post Payments Bank is gearing up to lead the next revolution of banking as one of the largest financial inclusion networks in India, covering both urban and rural areas. Our new model of banking aims to enable individuals, small businesses, merchants and others to utilise full-fledged digital banking services.
| List of Payment Banks in India | ||
|---|---|---|
| S.No. | Payment Banks Name | Headquarters |
| 1 | Airtel Payments Bank Limited | New Delhi |
| 2 | India Post Payments Bank Limited | New Delhi |
| 3 | Fino Payments Bank Limited | Navi Mumbai |
- Best Payments Bank In India.
- Airtel Payments Bank.
- India Post Payments Bank.
- Fino Payments Bank.
- Jio Payments Bank.
- Paytm Payments Bank.
- NSDL Payments Bank.
- What are Payment Banks and How Do They Work?
There are 6 payment banks in India: Airtel Payments Bank, Jio Payments Bank, NSDL Payments Bank, Paytm Payments Bank, India Post Payments Bank, and Fino Payments Bank. Payment Bank can accept demand deposits up to 2 lakh.
State Bank of India (SBI) is the oldest bank in India. State Bank of India is also the largest bank in India. SBI was established as Bank of Calcutta in 1806. It was renamed as Bank of Bengal in 1809.
State Bank of India is the largest nationalized bank of India. It is the biggest public-sector bank of India. In terms of assets, it has a market share of 23%.
What is a payment bank in India?
A Payments Bank is a bank that does not offer loans or credit cards. It takes deposits up to Rs 1 lakh from its customers. It provides various other financial services such as remittance transfer services, selling of financial products of other banks etc.
# Note: Digital payment modes considered are BHIM-UPI, IMPS, NACH, AePS, NETC, debit cards, credit cards, NEFT, RTGS, PPI and others.
Credit cards and loans: Payments banks are allowed to give debit cards to their customers but do not provide credit cards or loans. They can only do so if they have tied up with a commercial bank. Commercial banks, meanwhile, do provide loans and credit cards.
Most Indian customers prefer Paytm over PayPal. Both allow you to accept INR payments. While PayPal charges 2.5% for every transaction, Paytm charges you 2%.
- Suryoday Small Finance Bank Limited – Best CRAR on the list.
- Ujjivan Small Finance Bank Limited – Best in Deposits CAGR.
- Equitas Small Finance Bank Limited – Best in CASA Ratio.
- Fincare Small Finance Bank Limited – All-India SFB with a Diversified Portfolio.
"Online payment services (e.g., PayPal, Amazon Pay)" and "Debit card" are the top two answers among Indian consumers in our survey on the subject of "Most common online payments by type". The survey was conducted online among 4,030 respondents in India, in 2023.
The State Bank of India (SBI) is the largest bank in India in terms of assets, branches, and customer base.
Airtel Payments Bank offers an interest rate of up to 6.50% p.a. to the general public. Senior citizens are offered an additional interest rate of 0.50% p.a.
In India, a total of 45 Indian International Banks operated. That 45 Foreign Banks have around 300 branches in India. These 300 branches are located in the largest cities of India. As of the year 2024, there are a total of 46 Indian International Banks established in India.
| Sr No | List Of Banks | Score |
|---|---|---|
| 1. | State Bank of India | AAA |
| 2. | HDFC Bank | AAA |
| 3. | Bank of Baroda | AAA |
| 4, | ICICI Bank | AAA |
Which is the state owned payment bank in India?
Indian Post Payments Bank (IPPB)
IPPB is a government-owned public sector bank in India. The Ministry of Communications manages it in conjunction with the Department of Posts.
| Bank NameBank | CityCity | Closing DateClosing |
|---|---|---|
| Heartland Tri-State Bank | Elkhart | July 28, 2023 |
| First Republic Bank | San Francisco | May 1, 2023 |
| Signature Bank | New York | March 12, 2023 |
| Silicon Valley Bank | Santa Clara | March 10, 2023 |
| Rank & Bank Name | Type | Market Cap (Rs Lakh Crore) |
|---|---|---|
| HDFC Bank | Private | 11.61 |
| ICICI Bank | Private | 6.65 |
| SBI | Public | 5.13 |
| Kotak Mahindra | Private | 3.47 |
Payment banks cannot lend or offer credit advance to customers like traditional banks. They can issue cheque books and debit cards but not credit cards. Also, unlike traditional banks, you can keep a limited sum in a payment bank account, currently capped at Rs 1 lakh per account.
National Asset Reconstruction Company Limited (NARCL) is India's first ever bad bank. A bad bank is a corporate structure that isolates risky assets held by banks in a separate entity. Bad bank is established to buy the non-performing assets from banks at a price determined by them.
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