Of the 11 companies
that were given in-principle nod by the Reserve Bank of India (RBI) to set up payments banks in August, 2015, three companies -
Tech Mahindra, Cholamandalam Finance and Dilip Shanghvi-IDFC Bank-Telenor JV have dropped out
This leaves only eight
applicants - India Post, Airtel Money, Reliance Industries, PayTm (Vijay Shekhar Sharma), Aditya Birla Nuvo, Vodafone MPesa, Fino PayTech and NSDL.Payments Bank :Payments banks
are a new model of banks conceptualized by the Reserve Bank of India (RBI).
- These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer and may be increased further.
- These banks cannot issue loans and credit cards.
- Payments banks can issue services like ATM cards, debit cards online banking and mobile banking.
- The minimum capital requirement is Rs. 100 crores.
- For the first five years, the stake of the promoter should be 40% minimum.
- The voting rights will be regulated by the Banking Regulation Act, 1949. The voting right of any shareholder is capped at 10%, which can be raised to 26% by Reserve Bank of India.
- Any acquisition of more than 5% will require approval of the RBI.