What are the payment banks and small banks

To improve Indian Financial Inclusion RBI introduce the concept of payment banks and small banks. In this RBI received 72 small bank applications and 41 payment bank applications.After scrutinization of the applications RBI gives the permission to 11 companies for payment banks and 41 companies for small banks

payment banks

Main object to introduce payment banks is to improve the financial inclusion of low income house hold because of this one they will get saving accounts and remittance

payment banks can get the deposits but it doesn’t have the right to give the loans at the same time saving account limit is up to 1 lakh

11 payment banks are

1)NSDL 2)Reliance industries 3)Aditya birla 4)Airtel 5)Deportment of Post 6)Finopaytech 7)Tech mahindra 8)Vodafone M pesa 9)cholamandalam 10)paytm 11)Sun Pharma

Small Banks

Main object to introduce small banks is to improve financial strength to low income house holds it gives saving account facility and limited loans

10 small banks are

1)AU financial ltd 2)Capital local Area bank ltd 3)Disha microfinance ltd 4)Equities Holding pvt ltd 5)ESAF microfinance 6)Janalakshmi financial service 7)RGVN Microfinance ltd 8)Suryodava microfinance ltd 9)Ujjivan financial services ltd 10)Utkarsh microfinancial pvt ltd