NSDL Payments Bank starts operations in India

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The National Securities Depository Ltd (NSDL) Payments Bank has started operations as payments bank with effect from 29th October 2018. The Reserve Bank has issued a license to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.  As a payments bank ,NSDL can accept demand deposits, and issue ATM/debit cards, among other activities. However, it cannot issue credit cards, and undertake lending activities.

About NSDL :

• Established in August 1996, NSDL is the first and the largest depository in India. It provides bouquet of services to end investors, stock brokers, stock exchanges, custodians, issuer companies etc through its network of more than 260 depository participants / business partners.
• Quick Facts
• Full Form : National Securities Depository Limited
• Founded : 18th August 1996
• Headquarters : Mumbai
• MD & CEO : G. V. Nageswara Rao

Important Note :

National Securities Depository Limited, Mumbai was one of the 11 applicants which were issued in-principle approval by the Reserve Bank of India (RBI) for setting up a payments bank in November 2014. Other applicants are :

• Aditya Birla Nuvo Limited
• Airtel M Commerce Services Limited
• Cholamandalam Distribution Services Limited
• Department of Posts
• Fino PayTech Limited
• Reliance Industries Limited
• Shri Dilip Shantilal Shanghvi
• Shri Vijay Shekhar Sharma
• Tech Mahindra Limited
• Vodafone m-pesa Limited

Of these, Airtel Payments Bank, India Post Payments Bank, FINO Payments Bank, Paytm Payments Bank, Aditya Birla Idea Payments Bank and Jio Payments Bank, are already in operation.

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