Payments Bank. What Is It? And Which Banks Have It?

 

Payments-Bank
RBI Approved

Airtel set up the first payments bank in India in November 2016, a game changer for Digital India.

Payments Bank will redefine banking in India and serve as the first step towards formal banking. They target migrant labor, young professionals and small businesses, offering them savings accounts and remittance services with low transaction costs.

Features of Payments Bank

  • Can transfer money directly to bank accounts through payment gateway integration with banks.
  • Allow deposits of up to Rs. 1 lakh and pay interest on the amount deposited; but, do not offer loans.
  • Enable transfers through a mobile phone.
  • Issue ATM debit cards which can be used on ATM networks of all banks.
  • Enable automatic payments of bills and chequeless transactions through phone.
  • Provide Forex cards for travelers, for use as a debit card across India.

Payments Bank Approved by RBI

  • Airtel M Commerce Services Ltd
  • Aditya Birla Nuvo Ltd
  • Department of Posts
  • Reliance Industries Ltd
  • Tech Mahindra Ltd
  • Vodafone M-Pesa Ltd

Access to Quick Funds

While everyone needs a bank account to manage their finances, Loan Singh offers a solution for your immediate financial needs. It is easily the best digital lending solution for low interest rate loans and does not require a CIBIL score check.

Our digital lending platform introduces lenders and borrowers to each other. Credit-worthy borrowers are selected with the help of our ‘Seynse Score’. Borrower profiles are shared with Lenders and they decide who they would like to lend to. Both borrowers and lenders can track their EMI status on personal online dashboards.

Our incredibly prompt support team helps you go through the loan application process without any hassles.

Loan Singh helps you bridge your current funds shortfall and address immediate financial needs. Call us on 18008435353 or drop an email to hello@loansingh.com

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