ROLE OF PAYMENT BANKS IN STIMULATING FINANCIAL INCLUSION IN INDIA
The government of India has taken much ingenuity to encourage the financial inclusion, to achieve effective reach of financial products and services to the people those who are unable to avail it. To achieve this goal, a new generation of banking system has been announced recently branded as Payment banks. It is a new version of banking system initiated by Reserve Bank of India. These banks can accept deposit, which is limited to Rupees One lakh per customer and may be augmented further in future. But Payment banks cannot distribute loans and credit cards. These banks can provide current account and savings account facility to its customers. Further Payment banks are authorized to provide facilities like Automatic Teller machine cards, Debit cards, Net banking and Mobile-banking. This paper is going to confer the various roles of payment banks in promoting effective financial inclusion in India
Financial inclusion, Payments bank, RBI.
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