Payment Bank License is required before operating a Payment Bank in India. Payment banks are public limited entities that incorporated under the Companies Act of 2013 and authorised under Section 22 of the Banking Regulation Act of 1949. It is a new type of bank established by the Reserve Bank of India that operates on a smaller scale than traditional banks and does not bear credit risk.
Eligibilities to get a Payment Bank License
Individuals/Professionals.
Supermarket Chains.
Companies.
Mobile Telephone Companies.
Public Sector Units.
Real-Estate sector Co-operatives.
Non-Banking Financial Company (NBFC).
Corporate Business Correspondents.
Surviving and prevailing non-bank pre-paid payment instrument issuers, certified under the Payment and Settlement Systems Act, 2007.