In a major step, the Reserve Bank of India (RBI) has granted in-principle approval to 11 payment bank applicants under the Guidelines for Licensing of Payments Banks.A payment bank differs from conventional banks as it cannot lend to its customers. It is allowed to take deposits, allow remittances and provide simple financial products.AIR correspondent reports that the RBI had received 41 applications for payments banks of which 11 were given permissions.AIR correspondent reports, the applicants who have been granted permission for payment banks include Aditya Birla Nuvo Limited, Airtel M Commerce Services Limited, Cholamandalam Distribution Services Limited, Department of Posts, Fino PayTech Limited, National Securities Depository Limited, Reliance Industries Limited, Tech Mahindra Limited, Vodafone m-pesa Limited among others.The minimum capital needed to set up a payments bank is set at Rs 100 crore.The bank will be allowed to accept savings deposits of up to Rs 1 lakh from each customer. RBI's 'in-principle' nod will be valid for a period of 18 months, during which time the applicants have to comply with the requirements under the Guidelines and fulfil the other conditions as may be stipulated by the central bank.The payment bank will need to invest 75 percent of its funds in government securities.