On Nov 27, 2014, the RBI (Reserve Bank of India) has issued " Guidelines for licensing of Payment Banks in India " & seeks application from the eligible applicants for setting up of Payment Banks. On Feb 04, 2015, RBI releases name of 113 applicants & out of which 41 was for Payment Banks, remaining for small finance banks . And out of 41, only 11 were selected by RBI. They are :- Aditya Birla Nuvo, Airtel M Commerce services, Cholamandalam Distribution Services, Department of Post, FINO Pay Tech, NSDL, Reliance Industries Ltd, Sun Pharma, Paytm, Tech mahindra & Vodafone (m-pesa). Cholamandalam Distribution Services, Sun Pharma, Tech mahindra have surrendered their licenses i.e, they are not operating now. Lets move to check what do you mean by a 'Payment Banks' & some other things to break the ice :- ⊶ What are Payment Banks ? It is a new business model of Bank framed by RBI . It has same features as of the normal bank...
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