What is Payment Banks?
A Payments Bank is a "differentiated Bank" set-up under the guidelines of the Reserve Bank Of India (RBI) to further financial inclusion for the undeserved population by providing(i) current and savings account and (ii) Payments or remittance services to migrant labour workforce,low income households,small businesses,unorganised sector entities and other users. This is to be done by enabling high volume-low value transactions in deposits and payments or remittance services in a secured technology-driven environment.
Please click on this link for further details:http://rbi.org.in/scripts/bs_viewcontent.aspx?id=2900 (RBI Guidelines)
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