The new type of banking system introduced by Reserve Bank of India which is called Payment Banks. Basically this Introduced in India to grant new banking licenses as a learning experience from various issued licenses.
These banks can accept a limited deposit which is currently limited to Rs 1 lakh per customer and may be increased on further notice. These banks cannot issue loans and credit cards. Both type of accounts current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards, online banking and mobile banking.
The RBI has granted following companies to set up payments banks.
- Aditya Birla Nuvo Limited
- Airtel M Commerce Services Limited
- Cholamandalam Distribution Services Limited
- Department of Posts
- Fino PayTech Limited
- National Securities Depository Limited
- Reliance Industries Limited
- Shri Dilip Shantilal Shanghvi
- Shri Vijay Shekhar Sharma
- Tech Mahindra Limited
- Vodafone m-pesa Limited
- Paytm Payments Bank Ltd
First 11 are given licenses on 19th August 2015 and the 12th one is given on 4th January 2017.