To further promote financial inclusion, RBI has issued licenses to payment banks. The eligibility criterion for such payment banks were prepaid payment instrument issuers, NBFC’s, corporate business correspondents, mobile telephone companies, supermarket chains, public sector entities etc.
The minimum capital requirements for such banks is Rs. 100 crores. They can accept deposits up to Rs. 1 lakh per customer and can issue debit cards. They have been allowed to distribute insurance and mutual fund products . They can also serve as business correspondents of another bank. Promoters minimum capital would be 40% for the first five years. Foreign share holdings would be as per FDI policy of govt. for private sector banks. The operations of the bank should be fully networked and technology driven from the beginning and they should have a high powered customer grievance cell to handle customer complaints.
RBI issued licences to 11 such applicants to work as payment bank on August 19,2015. In these applicants, 7 are based on Mumbai, 3 New Delhi and 1 Chennai . Their details are as under
1. Aditya Birla Novo – Mumbai
2. Fino Paytech- Mumbai
3. National Securities Depository- Mumbai
4. Reliance Industries- Mumbai
5. Delip Shantilal Sanghi
6. Tech Manindra – Mumbai
7. Vodafone M-pesa – Mumbai
8. Airtel M- Commerce – New Delhi
9. Department of Post- New Delhi
10. Vijay Shekhar Sharma- New Delhi
11. Chola Mandlam Distribution – Chennai
They would further strengthen financial inclusion on they become financial inclusion one they become functional .