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ಮಂಗಳವಾರ, ಡಿಸೆಂಬರ್ 25, 2018

Jio Payments Bank

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Jio Payments Bank Limited
Public limited company
IndustryFinancial services
Founded3 April 2018; 8 months ago in Nariman Point Mumbai
Key people
  • Vivek Bhandari (Chairman)
  • Srikrishnan H (MD & CEO)
ProductsBanking
ParentReliance Industries (70%)
State Bank of India (30%)
Websitewww.jiopaymentsbank.com
Jio Payments Bank is an Indian payments bank that started operating in 2018. Payment banks in India are a special category of bankthat can accept deposits and make payments but cannot issue loans or other forms of credit including credit cards.
Jio Payments Bank Limited is a joint venture between the Reliance Industries and the State Bank of India with the stake of 70:30.[1]

History[edit]

On August 19, 2015 Reliance Industries received a licence to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. On November 10, 2016 it registered as a public limited company to set up a payments bank. On April 3, 2018 Jio Payments Bank became the sixth payment bank to commence operations in India.[2]
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PhonePe

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PhonePe
PhonePe Private Limited
Private
Founded2015; 3 years ago
Founders
Headquarters
Bengaluru, Karnataka
, 
India
Area served
India
ServicesUnified Payments Interface
ParentFlipkart
Websitewww.phonepe.com
PhonePe is a financial technology company headquartered in Bangalore, India. It was founded in December, 2015[1]. It provides an online payment system based on Unified Payments Interface (UPI), which is a new process in electronic funds transfer launched by National Payments Corporation of India (NPCI).
It is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system.[2][3]

History[edit]

PhonePe received their licence to operate on 26 August 2014 and began its operations in December, 2015. However, in April 2016, the company was acquired by Flipkart.[4][5] Flipkart's Vice President in Marketing- Sameer Nigam was assigned as their new CEO.[6]
In August 2016, the company partnered with Yes Bank to launch a UPI-based mobile payment app, based on the government-backed UPI platform.[1][7][8]

Legal challenges[edit]

On 14 January 2017, ICICI bank blocked PhonePe transactions, citing the reasons that it did not meet the NPCI guidelines.[9][10]Initially, on 19 January 2017, NPCI instructed ICICI to allow UPI transactions via PhonePe[11]. During this period, Airtel too blocked PhonePe transactions on its platforms.[12]A day later, on 20 January 2017, NPCI renounced the previous instructions citing the reason that PhonePe indeed violated the UPI norms.[13][14][15]
After this, PhonePe closed its operations on Flipkart's website,[16] to align itself with the terms stated in the updated verdict from NPCI. By February, 2017, PhonePe resolved the issues with ICICI.[17][18]
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Airtel Payments Bank

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Airtel Payments Bank Limited
Public company
IndustryFinancial services
Founded2016
HeadquartersNew Delhi India
Area served
India
Key people
Anubrata Biswas (MD, CEO)[1]
ProductsBanking
ParentBharti Airtel Limited
SubsidiariesYTS Solutions Pvt. Ltd.
Websitewww.airtel.in/bank
Airtel Payments Bank is a public limited company with its headquarters in New Delhi, India. The company is a subsidiary of Bharti Airtel. It is the first company in India to receive a payments bank license from the Reserve Bank of India (RBI) and it became the first live payments bank in the country.[2] On April 11, 2016 the Reserve Bank of India issued the license under Section 22 (1) of Banking Regulation Act, 1949 to Airtel Payments Bank.[3] Airtel Payments Bank is a joint venture between Bharti Airtel Ltd. and Kotak Mahindra Bank Ltd.. Kotak Mahindra Bank holds 19.9% stake in the Airtel Payments Bank.

History[edit]

In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up payments bank under the guidelines for Licensing of Payments Bank. Airtel was one of them, and it launched Airtel Payments Bank in September 2016. Airtel's first payments bank went live with its pilot project in Rajasthan in November 2016.

UPI Digital Payments[edit]

In September 2017, Airtel Payments Bank launched UPI enabled digital payments to facilitate secure digital payments for its customers. Customers need to link their bank accounts on BHIM before they can make UPI payments. For UPI-based payments and transfers, customers are not required to furnish their bank details to enable transactions.[4]

AirTel Money[edit]

AirTel Money is a digital wallet by AirTel Payment Bank that allows users to make payments using "My Airtel app" or USSD.

PMJJBY[edit]

Airtel Payments Bank and Bharti Axa Life Insurance have started to provide government's insurance plan Pradhan Mantri Jeevan Jyoti Bima Yojana in August 2018.[5][6]

Legal challenges[edit]

The Unique Identification Authority of India (UIDAI) suspended Bharti Airtel and Airtel Payment Bank's licence for eKYC of Aadhar on 16 December 2017, following complaints from customers that their accounts were being opened without their consent. Some even received their LPG subsidies in their Airtel Payment Bank accounts.[7] However, on July 12, 2018, Airtel Payments Bank received requisite approvals from the Reserved Bank of India and Unique Identification Authority of India (UIDAI) to resume on-boarding new customers using of Aadhaar based e-KYC.[8]

Investment[edit]

The bank's capital at its establishment was ₹3,000 crore ($441 million). Airtel Payments Bank reported deposits of Rs 68.33 crore at the end of the financial year ended 31 March 2017, which was its first year of operation.[9][10]
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India Post Payments Bank

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India Post Payments Bank LTD
Public limited company
IndustryFinancial services
Founded1 September 2018; 3 months ago
Headquarters
New Delhi
, 
India
Area served
India
Key people
  • Anant Narayan Nanda
    (Secretary, Department of Post)
  • Suresh Sethi[1]
    (MD & CEO)
ProductsBanking
ParentIndia Post
Websiteippbonline.com
India Post Payments Bank (IPPB) is a Government of India owned payments bank[2] operating under the Department of Posts, Ministry of Communication, which aims to utilize all of India's 155,015 post offices as access points and 300,000 postal service workers to provide house to house banking services.[3][4] The first phase of the bank with 650 branches and 3250 post offices as access points was inaugurated on 1 September 2018.[5] Over ten thousand postmen have been roped into the first phase.[6][7]
The Prime Minister of India, Narendra Modi, at the launch of the India Post Payments Bank, in New Delhi on September 01, 2018. The Minister of State for Communications (I/C) Manoj Sinha, the Secretary (Post), Ananta Narayan Nanda and IPPB CEO and MD Suresh Sethi are also seen.

History[edit]

On 19 August 2015 India Post got licence to run a payments bank from Reserve Bank of India. On 17 August 2016 it was registered as a public limited government company for setting up a payments bank. The pilot project of IPPB was inaugurated on 30 January 2017 at Raipur and Ranchi.[3] The first phase nationwide inauguration happened on September 1, 2018.[8] In August 2018 the Union Cabinetapproved a cost of ₹1435 crore (~ $200 million) for setting up the bank.[9]

Services[edit]

India Post Payments Banks offers savings accounts, money transfer and insurances through third parties, bill and utility payments. The Bank will reach to rural and far-flung areas of the country, delivering banking services to the doorstep of every Indian[3][10][11]
India Post Payments Bank has been allowed to link around 17 crore postal savings bank (PSB) accounts with its accounts.[12] The government aims to link all the 1.55 lakh post offices to the IPP Bank system by 31 December 2018
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