List of Payment Banks in India and their Headquarters (2024)

In the dynamic landscape of India’s banking sector, Payment Banks and Small Finance Banks play pivotal roles in catering to the diverse financial needs of the population, particularly the unbanked and underbanked segments. As of 2024, several such banks operate across the country, each with its unique focus and headquarters. Let’s delve into the list of Payment and Small Finance Banks in India and their respective headquarters.

What are Payment Banks?

Payments banks are a unique category of banks in India that offer a limited range of banking services primarily focused on digital and mobile-based transactions. These banks cannot issue loans or credit cards but provide services such as savings accounts, remittances, and payment transfers. With a mandate to promote financial inclusion, payments banks cater to the needs of unbanked and underbanked segments of society, leveraging technology to offer convenient and accessible banking solutions.

First Payment Bank in India

Airtel Payment Bank, established in January 2017 by Bharti Airtel, marks India’s pioneering foray into the realm of Payment Banks. Operating under the aegis of India’s largest telecom provider, Airtel Payment Bank is integral to the nation’s burgeoning cashless movement, as endorsed by the Government of India. With a primary objective of fostering equitable, efficient, and reliable banking services, Airtel Payment Bank endeavors to democratize access to financial services for every Indian.

List of Payment Banks in India and Their Headquarters

There are 6 active Payment Banks in India at present. Here is the list of Payment Banks in India along with their headquarters:

Payment Banks in India

As of now, India boasts six Payment Banks, including Airtel Payment Bank, India Post Payment Bank, Fino Payments Bank, Paytm Payment Bank, NSDL Payment Bank, and Jio Payment Bank.

Airtel Payments Bank

Headquarter: New Delhi

Airtel Payments Bank, the first payments bank licensed by the RBI, began its operations in September 2015, marking a significant milestone in India’s banking landscape. Established through a partnership between Bharti Airtel and Kotak Mahindra Bank, with the latter holding a 19.9 percent stake, Airtel Payments Bank expanded its services by collaborating with Bharti AXA General Insurance by 2019. The bank launched its pilot services in Rajasthan in November 2016 under the motto ‘Banking Is Now at Your Fingertips – India’s First Payment Bank.’ With its headquarters in New Delhi, Airtel Payments Bank set a benchmark in the payments banking sector.

Fino Payments Bank

Headquarter: Mumbai

Fino Payments Bank embarked on its journey on April 4, 2017, with a network of more than 400 branches and 25,000 banking points. Formerly known as Fino Paytech Limited, a leading payment solutions provider since 2006, it evolved into a payments bank in 2017. With its headquarters situated in Mumbai, the bank proudly embraces the tagline ‘Qadar Aapki Mehnat Ki’ as it strives to serve its customers diligently.

Indian Post Payments Bank (IPPB)

Headquarter: New Delhi

Managed by the Ministry of Communications and the Department of Posts, India Post Payments Bank (IPPB) operates under the Indian government. Launched on September 1, 2018, IPPB utilizes India’s extensive network of 155,015 post offices to expand banking access. By January 4, 2020, it had amassed over 1.5 crore users. IPPB focuses on delivering banking services directly to people’s doorsteps through postmen and Grameen Dak Sewaks, following the ethos of ‘Aapka Bank Aapka Dwar.’ Its headquarters in Delhi reflect its dedication to ensuri

Jio Payments Bank

Headquarter: New Delhi

Founded in November 2016, Jio Payments Bank Limited, backed by Reliance, seeks to transform India’s financial inclusion scenario. Its goal is to establish a platform that offers simple, accessible, and affordable banking services, particularly targeting the financially marginalized. Jio Payments Bank endeavors to digitize payment systems comprehensively and operates from its New Delhi headquarters, driven by the mantra ‘YOUR EVERYDAY BANK catering to all your payment, banking, and financial requirements’.

Paytm Payments Bank

Headquarter: New Delhi

After receiving approval from the RBI in August 2015, Paytm Payments Bank officially commenced operations in November 2017 as a separate entity from its parent company. Founder Vijay Shekhar Sharma holds a majority stake of 51% in the bank. Although it aimed to establish more than 100,000 banking access points by the end of 2018, the bank did not achieve this target by 2019. Headquartered in Noida, Paytm is recognized for its extensive e-commerce payment network and operates under the slogan ‘Simplifying Payments for India.’

NSDL Payments Bank

Headquarter: Mumbai

National Securities Depository Limited (NSDL) Payments Bank, one of India’s functioning payment banks, began its operations on October 29, 2018. NSDL Payments Bank operates as a non-governmental organization and is structured as ‘a company limited by shares’. The bank’s authorized capital exceeds $29 million (200 crores). Headquartered in Mumbai, Maharashtra, NSDL Payments Bank emphasizes its commitment to technology, trust, and outreach through its tagline.