Payment banks in India: Leveraging technology for financial inclusion
Payment banks are a new model of banks conceptualized by Reserve Bank of India. The main objective of payment bank is to widen the spread of payment and financial services to small business, low-income households, and migrant labour workforce in secured technology-driven environment in remote areas of the country. There are numerous bottlenecks that need to be addressed before the real benefit of payment banks. There are millions of Indians who don’t have access to banking facilities. Despite of several challenges payment banks have potentialities to be a game changer within the context of India.