The list of payment banks in India with headquarters includes India Post Payments Bank, Aditya Birla Idea payments banks, Airtel payments banks, Paytm payments bank and others.
Payment banks, a new and innovative banking model offering a limited set of services. It is a key step to enhance financial inclusion in the country. A payment bank seems to be a great idea to spread the banking services to small businesses, low-income households and migrant labour workforce etc.
Here is the list of 6 different payment banks that have been launched in India till now.
Name & Headquarters of 6 payment banks are as given below:
Few more payment banks might be seen active in the coming days.
Will these payment banks actually serve the purpose for which they have been introduced? I mean, is it actually beneficial for small businesses and people in far-flung areas to use their services.
Yes, it is completely safe to invest your money in the stock market using Paytm money App. In fact, PayTm has come up with stock broking services recently and trying to establish itself in the said field. And, to give tough fight to top existing players it has to keep its services up to the mark. Paytm Money made a big name in mutual fund investment industry and now it's time to see its performance in the stock brokers' world.
India Post Payments Bank or IPPB, a Government of India owned payment bank was launched on 1st September 2018 offering doorstep banking especially in rural areas of India. The features include 4% Internet on savings banks accounts, easy money deposit, withdrawals, doorstep banking facilities, micro-ATM facilities and much more.
Investors looking to invest in mutual funds without a Demat account can invest through financial institutions, independent financial advisors, AMC, and online portals.
There are a total of 12 banks listed under Nifty Bank Index. These banks are HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, AXIS Bank, IndusInd Bank, Bandhan Bank, Bank of Baroda, AU Small Fin Bank, and Punjab National Bank, IDFC Bank and Federal bank.
There are mainly 5 types of bank accounts in India. These include Savings account, Current account ,Fixed deposit account, Recurring deposit account and NRI accounts.
cKYC is known as Central KYC, is a centralized registry for maintaining the KYC records of an individual digitally. The cKYC registry was launched July 2016, with an aim to reduce the level of documentation and KYC verification process involved in a financial transaction with different financial institutions including Banks, Insurance, NBFCs and Mutual Funds.
Adding money to Zerodha using UPI is the most commonly used method and is the most popular among the other methods. It is totally free and can be done with the help of any UPI application like Google Pay or BHIM UPI. This process can be done seamlessly with the help of Zerodha's web application as well as the mobile application- "KITE".
ASBA or Application Supported by Blocked Amount is an alternative payment method to apply or bid for an IPO. However, it is currently available to only the Retail Individual Investors and you also need to fulfill certain requirements for the same.
Cryptocurrencies are decentralized digital assets that are under the radar of the government. However, cryptocurrencies are not banned in India, but there are no proper regulations that categories them under a specific asset class. The Indian finance minister has also said Bitcoin will not be accepted as a method of payment which indicates that it might be regulated but not banned.
Public Provident Fund Scheme is a saving scheme that comes with tax benefits. Ministry of Finance introduced this scheme in the year 1968. The main objective of PPF is to encourage general people to mobilize their small savings. The interest offered on these schemes are not taxable. Precisely, PPF is an investment with non-taxable returns.
Ankit Khunteta
That seems to be a useful list for the one looking for Payment banks in India. I feel Airtel Payments Banks and Paytm Payments bank have gained more popularity than others. May be, the rest shall get more traction in the coming days. It all depends on their services and ease of use. They offer limited benefits only. The big questions here are: How convenient they actually prove to be? How much are they beneficial? This can be answered after a while and based on their performance.