Payment banks a new banking conceptPopularising banking activities is a need of the age. Rural as well as urban population is demanding a cheap friendly banking option to make the life easier. In this juncture, PAYMENT BANKS has an important role to play in the economy. PAYMENT BANKS are working in digital platforms. Mobile phones can be the cheapest device to operate Payment Bank Accounts. Payment banks are successfully operating in different parts of the globe.
1. Payment banks cannot issue loans.
2. Payment Banks can raise deposits to a limit.
3.Payment banks can issue debit and ATM cards.
4. Payment Banks can do services like utility payment and cashless purchases
Payment banks are aimed at low income groups with a low transaction cost.
Payment banks have a major role in creating a digital economy as well