Scheduled Payment Bank License

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    payment Bank Registration & Compliances

    The term Payment Bank denotes a newly introduced RBI model, which had accelerated transactions, such as a regular bank, except for issuing credit cards and lending. However, to start an online Payment Bank in India, a company or an NBFC needs to acquire Payment Bank License from the RBI.

    The entire object of payment banks is to broaden the scope of payment and financial services to people with low incomes like low-income households, small businesses, migrant-labor workforce etc.

    Consult us for payment bank license ,registration or compliance guidance.


    Key Benefits of the Payment Bank License in India

    Zero Account Balance

    One of the major benefits of a payment bank is that it is not mandatory and obligatory for the account holder to maintain a certain amount as the minimum required amount.


    One key benefit of a Payment Bank lies in its broad distribution network, enabling telecom service providers and mobile wallets to convert their retail outlets into dedicated banking facilities.

    Higher Interest Rate

    The cost-saving benefit, due to operational efficiency, is further passed to the customer through higher interest.

    Safe and Secure

    The Reserve Bank of India introduced the concept of payment banks as a secure mode of online transactions, leveraging four-factor authentications for enhanced security.

    Account No is same as Mobile No

    This minor feature significantly enhances convenience for cardholders, especially small businesses and merchants, as they no longer need to remember additional numbers, like an account number, for conducting transactions.

    Cashback and Discount Offers

    A payment bank, like any other mobile wallet, provides the customer with a variety of discount and rebate incentives.

    Payment Finance Bank Registration

    Eligibility Criteria for Payment Finance Banks

    The ones who are qualified to obtain Payment Bank License in India are as follows:

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    Payment Bank Compliances

    payment Bank compliances

    If a company has effectively obtained payment bank license, then it’s obligatory to fulfill all the annual compliances.

    Statutory Audit

    Tax Audit

    Income Tax Return Filing

    GST Return Filing

    Registrar of Companies Returns

    RBI Compliances


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    Have Questions?
    Find Answers Here

    Under section 22 of the Banking Regulation Act, 1949, the Reserve Bank of India issues the Payment Bank License to the applicants.

    Yes, payment banks can appoint its promoter company as its corporate BC on basis of arm’s length basis and also subjected to the RBI guidelines on BC’s.

    No. NRIs are not permitted to make any deposit in the Payment Banks.

    All the applicants for the payments bank’s license will be obligatory to furnish their project reports and business plans with their applications. The business plan for the application should address how the bank aims to achieve the purposes of setting up payment banks in India.

    Yes. Under the payment system approval by the Reserve Bank of India, a Payment Bank can operate as a channel of accepting ‘remittances’ from banks, such as RTGS/IMPS/NEFT.


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