Payment Banks

The main objective of the payments bank is to promote small savings. It targets low-income families , small businesses and those in the unorganized sector. Like commercial banks, it can accept deposits but cannot provide loans. The deposit limit is set at Rs 2 lakh (from April 2021 ). The capital requirement is Rs 100 crore. 25 percent of the branches should be in rural areas where banking services are not available. Payment banks will have facilities to pay bills such as telephone bills , ATM facilities , debit card facilities, etc. The services provided by other banks are not fully provided. Post Bank of India, started by the Postal Department, is a model of payments banks.

Payments banks in India

1. Airtel Payments Bank

2. India Post Payments Bank

3. Fino Payments Bank

4. Paytm Payments Bank

5. Jio Payments Bank

6. NSDL Payments Bank