Payment Bank License in India

The Reserve Bank of India (RBI) developed a new bank concept called Payment Bank in 2013. Except for the issuance of loans and credit cards, payment banks provide the same transaction and financial services as conventional banks. Payment banks were created with the primary goal of making banking services more accessible to low-income people and small companies. Eligibilities to get a Payment Bank License • Individuals/Professionals. • Supermarket Chains. • Companies. • Mobile Telephone Companies. • Public Sector Units. • Real-Estate sector Co-operatives. • Non-Banking Financial Company (NBFC). • Corporate Business Correspondents. • Surviving and prevailing non-bank pre-paid payment instrument issuers, certified under the Payment and Settlement Systems Act, 2007. Click here to know more - Payment Bank License