Payment Banks and the 'Bhavishya' Savings Account

Payment banks are a new model of banks conceptualized by the Reserve Bank of India (RBI). They can accept a restricted deposit, which is currently limited to Rs. 2 lakh per individual customer. They cannot issue loans or credit cards. They can issue ATM/debit cards, mobile banking, and internet banking.

Introducing 'Bhavishya' Savings Account for Minors

The question asks about a specific savings account launched for minors in July 2020, named 'Bhavishya'. This account is designed to encourage saving habits among young people.

Let's examine the options provided:

• Airtel Payments Bank
• India Post Payments Bank
• Fino Payments Bank
• Paytm Payments Bank
• NSDL Payment Bank

Based on the information, the payment bank that launched the 'Bhavishya' savings account specifically for minors in July 2020 is Fino Payments Bank.

Key Details of the 'Bhavishya' Account (as launched)

While specific features might vary, such accounts typically aim to be accessible to minors and often require minimal documentation or balance, suitable for young savers.

In July 2020, Fino Payments Bank introduced this unique savings account.

Conclusion

Therefore, the correct payment bank among the given options that launched the 'Bhavishya' savings account for minors in July 2020 is Fino Payments Bank.