The Reserve Bank of India (RBI) issued a notification on June 19, 2025, announcing the inclusion of NSDL Payments Bank Limited in the Second Schedule to the Reserve Bank of India Act, 1934. This action, taken in pursuance of clause (a) of sub-section (6) of Section 42 of the said Act, formally designates NSDL Payments Bank as a scheduled bank. The notification, signed by R. Lakshmi Kanth Rao, Executive Director, specifies the bank’s address as 401, 4th Floor, Tower 3, One International Center, Senapati Bapat Marg, Prabhadevi, Mumbai – 400 013. The inclusion as a scheduled bank signifies that NSDL Payments Bank Limited will now be subject to certain regulations and facilities provided by the RBI, impacting its operations within the Indian financial system.
RESERVE BANK OF INDIA
NOTIFICATION
New Delhi, the 19th June, 2025
DoR.LIC.No.S2196/16.13.215/2025-26— In pursuance of clause (a) of sub-section (6) of Section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India hereby directs the inclusion in the Second Schedule to the said Act of the following bank, namely:
NSDL Payments Bank Limited,
401, 4th Floor,
Tower 3, One International Center,
Senapati Bapat Marg, Prabhadevi,
Mumbai – 400 013
R. LAKSHMI KANTH RAO, Executive Director
[Advt.-III/4/Exty./225/2025-26]
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Introduction to NSDL Payments Bank Limited
Overview
NSDL Payments Bank Limited was launched in October 2018 as a wholly-owned subsidiary of the National Securities Depository Limited (NSDL), India’s pioneering central securities depository founded in 1996 and headquartered in Mumbai. It holds a scheduled bank status as one of India’s five active Payments Banks, alongside Airtel, Fino, India Post, and Jio.
Vision & Mission
Driven by the core principles of “Technology, Trust & Reach”, the bank aims to redefine last-mile digital banking in India. Its mission is to deliver transparent, user-friendly financial services to individuals who are underbanked or lack access to traditional banking infrastructure .
Digital-First Platform
Customers can open zero-balance Savings and Current accounts via its flagship app, NSDL Jiffy, which offers Virtual debit cards, NEFT/IMPS transfers, bill payments, recharges, and even mutual fund investments—all through a fully paperless, queue-free mobile experience .
Extensive Outreach
NSDL Payments Bank distributes its services through a vast network of over 2 million Business Correspondent (BC) agents and 3,164 customer service points, covering approximately 18,500 PIN codes—nearly 97% of India .
Strategic Alliances
It partners with fintech firms, government bodies, and other financial institutions to expand its digital banking footprint, focusing on inclusion and accessibility .
Governance & Leadership
Operated by a diverse board including MD & CEO Mr. Abhijit Kamalapurkar, the bank benefits from NSDL’s credibility and governance standards .
In essence, NSDL Payments Bank leverages NSDL’s legacy in finance and technology to deliver a digital banking model that is inclusive, secure, and transparent—aligning with India’s broader push toward financial inclusion and a cashless economy.
