Top 6 Payment Banks in India with Their Respective Headquarters (2024)

There are currently 6 Payment Banks operating in India. View the list of Indian payment banks along with the addresses of each bank.

Payment banks and small finance banks are essential to meet the various financial needs of the populace, especially the unbanked and underbanked, in the dynamic banking sector of India. As of 2024, there are a number of these banks operating all over the country, each with a distinct focus and headquarters. Let’s examine the list of Indian Payment and Small Finance Banks along with the locations of each bank’s headquarters.

What are Payment Banks?

In India, payments banks are a distinct kind of bank that provide a constrained array of banking services with an emphasis on online and mobile-based transactions. These banks offer services like savings accounts, remittances, and payment transfers but are unable to offer credit cards or loans. Payments banks serve the unbanked and underbanked segments of society by utilizing technology to provide easily accessible and convenient banking solutions, all while adhering to the mandate of promoting financial inclusion.

First Payment Bank in India

India made a groundbreaking entry into the Payment Bank space with the establishment of Airtel Payment Bank in January 2017 by Bharti Airtel. The government of India supports the growing cashless movement in the country, which is greatly aided by Airtel Payment Bank, which operates under the umbrella of the country’s largest telecom provider. Airtel Payment Bank works to democratize access to financial services for all Indians, with a primary goal of fostering equitable, efficient, and reliable banking services.

List of Payment Banks in India and Their Headquarters

Currently, India has six operational Payment Banks. The following is a list of payment banks in India along with their headquarters:

Payment Banks in India

India currently has six payment banks: Jio Payment Bank, Fino Payments Bank, Paytm Payment Bank, NSDL Payment Bank, Airtel Payment Bank, and India Post Payment Bank.

Airtel Payments Bank

Headquarter: New Delhi

An important turning point in the history of Indian banking was reached in September 2015 when Airtel Payments Bank, the country’s first payments bank with an RBI license, opened for business. Founded in 2019 as a result of a collaboration between Bharti Airtel and Kotak Mahindra Bank, in which the latter held a 19.9 percent stake, Airtel Payments Bank added Bharti AXA General Insurance to its list of services. The bank, with the tagline “Banking Is Now at Your Fingertips – India’s First Payment Bank,” introduced its pilot services in Rajasthan in November 2016. Airtel Payments Bank, which has its headquarters in New Delhi, established a standard for the payments banking industry.

Fino Payments Bank

Headquarter: Mumbai

On April 4, 2017, Fino Payments Bank opened for business, establishing a network of over 400 branches and 25,000 banking locations. Previously recognized as Fino Paytech Limited, it has been a top supplier of payment solutions since 2006. In 2017, it changed its name to a payments bank. The bank, which has its main office in Mumbai, is proud to uphold the motto “Qadar Aapki Mehnat Ki” and works hard to provide its clients with diligent service.

India Post Payments Bank (IPPB)

Headquarter: New Delhi

The Indian government is in charge of the India Post Payments Bank (IPPB), which is run by the Department of Posts and the Ministry of Communications. IPPB was established on September 1, 2018, and it aims to increase banking accessibility by leveraging India’s vast network of 155,015 post offices. Its user base had grown to over 1.5 crore by January 4, 2020. In keeping with the motto “Aapka Bank Aapka Dwar,” IPPB focuses on providing banking services right to people’s doorsteps via postmen and Grameen Dak Sewaks. Its commitment to ensuri is reflected in its Delhi headquarters.

Jio Payments Bank

Headquarter: New Delhi

With support from Reliance, Jio Payments Bank Limited was established in November 2016 to revolutionize financial inclusion in India. Its objective is to create a platform that provides easy, affordable, and accessible banking services, with a focus on the underprivileged. Operating out of its headquarters in New Delhi, Jio Payments Bank is committed to fully digitizing payment systems. Its motto is “YOUR EVERYDAY BANK catering to all your payment, banking, and financial requirements.”

Paytm Payments Bank

Headquarter: New Delhi

In November 2017, Paytm Payments Bank officially launched as a distinct entity from its parent company, following approval from the RBI in August 2015. Vijay Shekhar Sharma, the bank’s founder, owns a majority 51% share. The bank did not meet its goal of having more than 100,000 banking access points by the end of 2018 by the year 2019. Paytm, which has its headquarters in Noida, is known for having a wide e-commerce payment network and goes by the motto “Simplifying Payments for India.”

NSDL Payments Bank

Headquarter: Mumbai

One of the active payment banks in India, National Securities Depository Limited (NSDL) Payments Bank, commenced operations on October 29, 2018. NSDL Payments Bank is organized as “a company limited by shares” and functions as a non-governmental organization. The authorized capital of the bank is more than $29 million (200 crores). NSDL Payments Bank, which has its headquarters in Mumbai, Maharashtra, uses its tagline to highlight its dedication to outreach, technology, and trust.