Payment Bank License is important to obtain in order to open a payment bank in India. Payment banks are a source of payment gateways that allow users to complete money transactions without using cash. Reserve Bank of India issues payment bank licences under Section 22 of the Banking Regulation Act, 1949.

Eligibilities to get a Payment Bank License

• Individuals/Professionals.
• Supermarket Chains.
• Companies.
• Mobile Telephone Companies.
• Public Sector Units.
• Real-Estate sector Co-operatives.
• Non-Banking Financial Company (NBFC).
• Corporate Business Correspondents.
• Surviving and prevailing non-bank pre-paid payment instrument issuers, certified under the Payment and Settlement Systems Act, 2007.