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Published Paper Details:
The Challenges and Opportunities of Payment Banks in India
Authors
Dr. K. JANARDHANUDU,Dr. CH. SRINIVASA RAO
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Keywords
Banking services, Cashless economy, Nationalization, Traditional banks
Abstract
Transforming India's banking landscape is underway. The Reserve Bank of India (RBI) envisions payment banks as a solution to serve low income households and small businesses by offering low-cost savings accounts and remittance services. The goal is to help individuals reliant on cash transactions transition to formal banking. While opening branches in every village might be expensive for traditional banks, the widespread availability of mobile phones offers a cost-effective way to deliver basic Banking services to rural areas. This initiation is also accelerate India's move towards a cashless economy. The domestic remittance market estimated at around Rs. 800-900 billion, is growing and mobile based money transfers could capture a significant portion, particularly for migrant workers. Payment banks will also support the Government's direct benefit transfer program by channeling subsidies for healthcare, education and gas directly into beneficiaries' accounts. Notably, this marks the first time private business groups have received RBI approval for banking services since nationalization. This paper explores the objectives of payment banks, the opportunities they present, and the challenges facing India's evolving banking system.
IJCRT's Publication Details
Unique Identification Number - IJCRT2501371
Paper ID - 275711
Author type - Indian Author
Page Number(s) - d282-d288
Pubished in - Volume 13 | Issue 1 | January 2025
DOI (Digital Object Identifier) -
No Of Downloads - 141
Author Country - India, 518502, Nandyal, Nandyal, 518502, Commerce All
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Dr. K. JANARDHANUDU,Dr. CH. SRINIVASA RAO, "The Challenges and Opportunities of Payment Banks in India", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.13, Issue 1, pp.d282-d288, January 2025, Available at :http://www.ijcrt.org/papers/IJCRT2501371.pdf
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ISSN: 2320-2882 Impact Factor: 7.97 and ISSN APPROVED Journal Starting Year (ESTD) : 2013
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