List of Applicants for Payment Banks and their portfolio

41 entities had applied for a payment bank licenses for which I have given a brief portfolio of which business they are into. Source for the names of the entities was provided by the official RBI website


The Eligible Promoters were

  • Prepaid Payment Institutions
  • Individual Entrepreneurs
  • Non Banking Finance Corporations
  • Telecom Companies
  • Government Entities
  • Professionals with a sound track record in the Industry
  • Business Correspondents
  • Retail Chains


Name of the Applicant Portfolio
A Little World Private Limited (Belapur) Founded in the year 2000 has developed the platform ZERO which is a payment system based on NFC(near field communication), contact-less RFID (Radio Frequency Identification) and biometrics verification system. Used for deposition of money to various products like utility bills, insurance, NREGA, recurring deposits, fixed deposits and withdrawal of money
Aditya Birla Nuvo Limited (Mumbai) Founded in the year 1956, a US$ 4.4 billion dollar company has its core business interests in providing financial services (Life Insurance, Housing Finance, etc…), Telecom services (Idea) and Fashion & Lifestyle outlets in various parts of the nation (Madura, Pantaloons).
Airtel M Commerce Services Limited (New Delhi) Founded in the year 2010 it runs the brand Airtel Money which provides payment solutions for paying utility bills, recharge (Prepaid and Postpaid), ecommerce, etc…
Calibre Financial Services Limited (Chennai) Founded in the year 1996
Cholamandalam Distribution Services Limited (Chennai) Founded in the year 1978 provides financial services like home loans, SME loans, stock broking, investment advisory services and a variety of other services to their clients..
Citrus Payment Solutions Private Limited (Mumbai) Founded in the year 2011 provides payment services through the internet on various platforms (web and mobile) such as recharge for DTH, mobile (Prepaid & Postpaid), ecommerce payments, etc…
Concept Technosoft Ventures Limited (New Delhi) Founded in the year 2008 has activities in maintenance of websites of various companies and other computer related activities.
Department of Posts (New Delhi) Founded in the year 1774 provides services like delivery of letters(normal post, register post, speed post), parcel delivery and financial services like savings account, recurring deposit accounts, paying utility bills, etc…
Eko India Financial Services Private Limited (New Delhi) Founded in 2007 which catered the needs of immigrant workers in India by facilitating them easy fund transfer to their homes back in their nations through mobile phones. It provides other facilities like recharge of DTH and mobile and believes in providing branchless connectivity to every common man.
FINO PayTech Limited (Navi Mumbai) Founded in the year 2006 it provides services to various banks, microfinance companies, etc… like smart card technology/biometric verification through new innovation and smart implementation ideas.
Fx Mart Private Limited (Zirakpur, Mohali) Founded in the year 2013 it provides services like international remittances to cater needs of overseas students, medical treatment, etc… It provides services for travel trips for various companies and individuals.
GI Technology Private Limited (Chennai) Founded in the year 2005 it provides prepaid payment solution through the ICASHCARD which works similar to the debit cards at various outlets.
Instant Global Money Transfer Private Limited (Hoshiarpur) Founded in the year 1995
Itz Cash Card Limited (Mumbai) Founded in the year 2006 run by the Essel Group which provides prepaid cards to pay utility bills, prepaid recharges, railway ticket booking, etc…
Kalpataru Corporation, Mumbai They have interests in variety of things like power, real estate, Import/Export, etc…
KKM Management Centre Private Limited (New Delhi) Founded in the year 1996
My Mobile Payment Limited (Mumbai) Founded in the year 2010 it offers services of mobile wallet through the brand name Money-on-Mobile. The mobile platform has enabled various business establishments to keep a loyal customer base by its unique feature of carrying credit/debit cards on their mobile phones. Services like DTH, mobile recharge, railway, air, bus ticketing and utility bill payments are provided.
Novopay Solutions Private Limited (Mumbai) Founded in the year 2014 provides mobile software solutions through its Android App which is a platform for all financial transactions like account opening/closure, deposit/withdrawal and remittances.
NSE Strategic Investment Corporation Limited (Mumbai) Founded in the year 2013 it manages all assets of NSE group of companies and equity shares holding in various other companies
One MobiKwik Systems Private Limited (Gurgaon) Founded in the year 2009 it has emerged to be one of the leading wallets in India with tie-ups with major online merchants. It provides services of recharge/DTH and the wallet can be topped up using credit/debit cards or by cash which is collected at their doorstep.
Oxigen Services (India) Private Limited (New Delhi) Founded in the year 2003 it has one of the largest number of small retail outlets in the nation provides services like recharge, money transfer and Bill Payments. It provides a platform for retailers to distribute their services to the customers on the platform (travel, railway/bus tickets, movie tickets, etc…)
Pay Point India Network Private Limited (Mumbai) Founded in the year 2005 it has created a good network of its outlets (kirana stores, medical pharmacies, petrol pumps, etc…) where the customers can pay their utility bills and do the recharges for their mobile/DTH.
Reliance Industries Limited (Mumbai) Founded in the year 1966 the company has interests in various businesses like petroleum, energy, retail, logistics, telecom, etc…
Resource Square Solutions Private Limited (Chennai) Founded in the year 2008 the company provides solutions to various fields in the industry like telecom, Fast Moving Consumer Goods, IT, etc…
Shri Dilip Shantilal Shanghvi (Mumbai) He owns one of the most successful pharmaceutical company (Sun Pharma) which was founded in the year 1983.
Shri Kishore Laxminarayan Biyani (Mumbai) He owns the Future group (Parent of Big Bazaar, Food Bazaar, Food Hall, etc…) which was founded in the year 1987. He is well known as the retail king.
Shri M.G. George Muthoot & others (Kochi) He is the chairman of Muthoot group which was founded in the year 1887.
Shri Nijay Kumar Gupta (Mumbai) —-
Shri Rajib Saha (Gurgaon) He is the President and CEO of Indepay Networks.
Shri Renuka Mata Multistate Co-operative Urban Credit Society Limited (Ahmednagar) —-
Shri Vijay Shekar Sharma (Noida) Founder of One 97 communications in the year 2001 which is the parent company of Paytm (a mobile wallet platform). Paytm has the largest number of mobile wallets in India
Smart Payment Solutions Private Limited (Mumbai) Founded in the year 2008, it runs the successful Smart Paisa Card which is a prepaid card in various denominations for secure online payment of mobile bills, utility bills, DTH/mobile recharge, movie tickets, Insurance premiums, Travel Reservations, etc…
Suvidhaa Infoserve Private Limited (Mumbai) Founded in the year 2007, it provides services through its franchise outlets and web portals for bill payments, recharges, utility bill payments, travel tickets, etc…
Tech Mahindra Limited (Mumbai) Founded in the year 1986 it has business interests in providing services in IT, Business Consulting and Outsourcing. It currently has mobile wallet by the name MoboMoney.
V. K. Fiscal Services Private Limited (New Delhi) —-
Vakrangee Limited (Mumbai) Founded in the year 1990 it provides basic financial services to the unbanked sector through its technologically driven system.
Videocon d2h Limited (Mumbai) Founded in the year 2009, it provides direct to home TV services
Vodafone m-pesa Limited (Mumbai) Founded in the year 2007, it has its presence in many African nations and in India too. It is run by the UK based telecom Vodafone Group which has a presence in over 100 countries worldwide.
Weizmann Forex Limited (Mumbai) Founded in the year 1993 it offers foreign exchange services like foreign currency, currency cards, mutual funds, travel insurance, etc… to its clients.
YouFirst Money Express Private Limited (Mumbai) Founded in the year 2013


Have you read my detailed post on payment banks. Check this out.

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