Sanjay Kumar Yadav


The development of strong banking network is a key for economic development. On August 19th 2015, RBI granted ‘in principle’ approval for payment banks to 11 entities. Payment banks can provides services like accepting deposits, issue of ATM/Debit cards, remittance through various channels including branches, Automated Teller Machines (ATMs), Business Correspondents (BCs) and mobile banking but cannot lend money or issue credit cards. Setting up payment banks is a big step and strong way towards financial inclusion. The payments banks will provide (i) Small savings accounts and (ii) payments / remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users, by enabling high volume-low value transactions in deposits and payments/ remittance services in a secured technology-driven environment.



Business Correspondent, Automated Teller Machine, Small Saving Accounts.

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