A payment bank has been categorized as a scheduled bank, conceptualized by the Reserve Bank of India formed a committee headed by Dr. Nachiket Mor. The main objective of payments banks is to broaden the reach of payment and financial services to small businesses, low-income households, and migrant laborers in a very secure technology-enabled environment.
List of Payment Banks in India Approved by RBI:
- Aditya Birla Idea Payments Bank
- Airtel Payments Bank
- Cholamandalam Distribution Services Limited
- India Post Payments Bank, Department of Posts
- FINO Payments Bank, FINO PayTech Limited
- National Securities Depository Limited Payments Bank
- Jio Payments Bank, Reliance Industries Limited
- Paytm Payments Bank
- Shri Dilip Shantilal Shanghvi
- Tech Mahindra Limited
- Vodafone M-Pesa Payments Bank
Out of this 7 banks have started their operation as Payment Banks.
| Name of the Bank | Started Year | Headquarter |
| Airtel Payments Bank | 2017 | New Delhi |
| Paytm Payments Bank | 2017 | Noida |
| Fino Payments Bank | 2017 | Mumbai |
| India Post Payments Bank | 2018 | New Delhi |
| NSDL Payments Bank | 2018 | Mumbai |
| Jio Payments Bank | 2018 | Mumbai |
