11 Companies get node to open Payment Bank

In wake of spreading Financial inclusion RBI has given licence to 11 companies to start Payment Bank. This payment will reach out far flugh area without physical cash.This Bank will help to reach out lower income Group and help cashless transaction.RBI is in mood to encourage CASH less transaction .
Let's understand what this payment bank will do.
1) Saving Account facility with Intrest
2) Send and Receive money for Migrant Labour
3) Transaction up to 1 lack
4) ATM -cum-Debit card
5) No credit Card facility
6) No Account for NRI
7) Mutual Fund and Insurance.
8) internet Banking



These New company have got Licence to act as Mini Bank,with this it will be a challenge to existing universal bank. Existing Bank have to look into there service and performance to attract their existing customer
List of Companies got Payment Bank Licence

Aditya Birla Nuvo Ltd.
Airtel M Commerce Services Ltd.
Cholamandalam Distribution Services Ltd.
Department of Posts
Fino PayTech Ltd.
National Securities Depository Ltd.
Reliance Industries Ltd.
Dilip Shanghvi, IDFC, Uninor.
Vijay Shekhar Sharma (Promoter of Paytm)
Tech Mahindra Ltd.
Vodafone mPesa Ltd.