Payments Banks : A New Landscape for Indian Banking Sector

Payments Banks present an exciting opportunity for digital financial inclusion in India. Present article provides information about what are payments banks, various guidelines issued by RBI and issues involved in its operation. This article has been written after gathering information from sources like newspapers and RBI website. Several countries like Japan, South Africa, Brazil have created such institutions years ago. Now RBI has initiated for the development of similar institutions which is a welcoming step. But the successful applicants should keep in mind the challenges mentioned here and are willing to learn from the experiences of mobile money in other countries