IJFANS International Journal of Food and Nutritional Sciences

ISSN PRINT 2319 1775 Online 2320-7876

PAYMENT BANKS: A NEW FORM OF FINANCIAL INCLUSION FOR CASHLESS ECONOMY IN INDIA

Main Article Content

Dr. D. S. Borkar,Avinash Galande

Abstract

Banking sector has been undergoing through the varies changes in last few decades. We have witnessed massive changes in banking sector. Overall working culture of the banking has been changed due to technology upgradation and human behavior. In countries like India still there are lot of people who are deprived for having access to financial services which includes small business, low household income group and rural area where people still find difficult to access banking services. To serve purpose for this group Payment Bank (PB) has been introduced as new financial inclusion by Reserve Bank of India in the year 2015. The bank Passsbooks and branch banking are replaced by e-statements and online banking. The Payment banks are blessed in banking sector as any individual can open an account within a few second digitally. It also supports sustainability practices in banking and served Government of India’s purpose of cashless economy as transactions done with digitally in PBs. It follows Green Banking Practices like Digital Account, Online Banking and Mobile Banking. This paper focuses on Payment Banks services and its role in cashless economy in India.

Article Details