Digital Banking and Payments Infrastructure in Mumbai

The Reserve Bank of India is the country’s central bank, set up in 1935 under the Reserve Bank of India Act and nationalised in 1949.

HDFC Bank is India’s largest private sector bank, set up in 1994 among the first of the new private banks licensed after liberalisation.

ICICI Bank grew out of the Industrial Credit and Investment Corporation of India, the development finance institution set up in 1955, and became a commercial bank in 1994 before merging with its parent in 2002.

Axis Bank began in 1993 as UTI Bank, promoted by the Unit Trust of India and the public-sector insurers, and took its present name in 2007.

Kotak Mahindra Bank was the first non-banking finance company in India to become a bank, in 2003; the group had begun as Kotak Capital Management in 1985 under Uday Kotak.

IndusInd Bank was set up in 1994 by the Hinduja group, named for the Indus Valley civilisation, and is among the larger private banks of the country; its registered office is in Pune but its corporate office is in Mumbai

Yes Bank was licensed in 2004 and grew fast through the 2010s before a crisis of bad loans led the RBI to place it under a moratorium in March 2020 and reconstruct it with SBI and other banks as shareholders.

RBL Bank is the old Ratnakar Bank of Kolhapur, founded in 1943, which was taken over by a new management in 2010 and rebuilt into a national private bank with its corporate office at One World Centre in Lower Parel.

IDFC First Bank came from the merger in 2018 of IDFC Bank, the banking arm of the infrastructure lender IDFC, with Capital First, a retail finance company; its registered office is in Mumbai and its operations are run fr

NPCI is the not-for-profit umbrella organisation for retail payments in India, set up in 2008 by the RBI and the Indian Banks’ Association, with its head office in Bandra Kurla Complex.

Citi has been in India since 1902, when the International Banking Corporation opened in Kolkata, and Citibank India has long been headquartered in Mumbai, now at the First International Financial Centre in Bandra Kurla C

Paytm Payments Bank, licensed in 2017 and based in Noida, was the largest of the payments banks until the RBI barred it from taking new deposits in 2024; it is listed here as a payments bank of record with operations in

Airtel Payments Bank, promoted by Bharti Airtel, was the first payments bank to open in 2017 and is the largest operating one, with its registered office in Delhi and operations across Mumbai.

Fino Payments Bank, headquartered in Navi Mumbai, grew out of the Fino Paytech business-correspondent network and opened as a payments bank in 2017; it is listed on the stock exchanges.

Suryoday Small Finance Bank, headquartered at CBD Belapur in Navi Mumbai, began as a microfinance company in 2008 and became a small finance bank in 2017; it is listed on the exchanges and lends to small borrowers across

Unity Small Finance Bank, promoted by Centrum and BharatPe, was licensed in 2021 to take over the failed PMC Bank and runs from Kalina, Santacruz East, with PMC’s old branches across Mumbai.

Jio Payments Bank, promoted by Reliance Industries and now owned wholly by Jio Financial Services, is headquartered in Navi Mumbai and offers savings accounts and payments through the Jio network.

NSDL Payments Bank, promoted by the depository NSDL, is headquartered at Kamala Mills, Lower Parel, and offers accounts and payments through digital channels.