Role of Payment Banks in India: Opportunities and Challenges
Abstract
This research paper mainly focusses on the scope of payment banks in India, a latest initiative taken up by the Reserve Bank of India and the Government of India. Non-inclusion of the banking sector in rural India is one of the major challenges faced by the Indian economy, today. Payment banks are also being set up to focus on high volume but low value transactions by low income households and small businesses. The aim of this research paper is to study the viability of payment banks and the opportunities and challenges of this new initiative. In this report, we shall try to evaluate the perceptions of the people as regards to payment banks and draw some conclusions for the same using qualitative as well as quantitative analysis.
Keywords: Customer penetration, Infrastructure, Popularity, Technology Requirement, Wealth of Company, Business Correspondence.
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