The Reserve Bank of India introduced the idea of Payment Banks. If you don’t know, I can tell you that 11 companies were given permission by the Reserve Bank of India to start Payment Banks. The Head of the Central Bank of India is in charge of regulating banks. Let me tell you which are the banks that I think are the best payment bank in India.
Which payment bank is best in India?
Payment banks are different from traditional banks. Deposits up to Rs 1 lakh can be made with the Payment Banks. However, these banks are unable to issue credit cards, and NRIs are unable to open accounts with Payment Banks.
- Airtel Payments Bank:
A Bharti Airtel subsidiary is the Airtel Payments Bank. The first business in India to be granted permission to establish a payments bank is Bharti Airtel. Bharti Airtel Ltd. and Kotak Mahindra Bank Ltd. have partnered to create The Airtel Payments Bank which is one of the top payment bank in India.
- India Post Payments Bank:
India Post Payments Bank is a government-owned institution that is run by the Department of Posts and the Ministry of Communication. The Indian government wants to offer house-to-house banking services, using post offices as access points all around the nation.
- FINO Payments Bank:
FINO Payments Bank was established in 2017, but the business started providing financial services in 2006 to suit the nation's banking needs. With an exclusive business strategy, the parent company, FINO Paytech Limited, owns and runs the Payments bank.
- Paytm Payments Bank:
Paytm is an Indian firm that offers both a digital wallet and an e-commerce payment system. The parent business of One97 Communications is the one that runs Paytm. In 2017, Paytm began operating PaymentsBank.
- Jio Payments Bank:
Jio Payments Bank was established by Reliance Industries and began operating in 2018. Reliance Industries and the State Bank of India have joined together to create Jio Payments Bank. It is one of the latest payment bank in India.
- Vodafone M-Pesa Payments Bank:
A mobile-based payments bank called Vodafone M-Pesa provides lending, microfinancing, and money transfer services. It is one of the most popular companies offering financial services through mobile devices.
These can easily be named as the best payment bank in India.
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Which Payment Bank is Best in India?
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2023-07-11T12:44:49+00:00 2023-07-11T12:51:58+00:00Comment
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