Ways in which Financial inclusion will be done Payment banks:
1) They are providing small savings accounts and payments / remittance services to migrant labor workforce, low income households, small businesses, other unorganized sector entities by enabling transactions in a technology driven environment.
2) Use of mobile phone is extensive and which will help in tapping the rural areas.
3)Payments banks will create the infrastructure which will provide access points to send and take out cash
4) As payment banks would be able to invest in government bonds, this would enable the providers to offer higher interest rates on deposits that might attract inactive money parked in savings bank accounts.
5) Payment banks need to have at least 25 per cent of physical access points, including BCs, in rural centres.
So one fully operational they will definitely increase the financial inclusion and will be helpful in bring prosperity to lower income groups.
1) They are providing small savings accounts and payments / remittance services to migrant labor workforce, low income households, small businesses, other unorganized sector entities by enabling transactions in a technology driven environment.
2) Use of mobile phone is extensive and which will help in tapping the rural areas.
3)Payments banks will create the infrastructure which will provide access points to send and take out cash
4) As payment banks would be able to invest in government bonds, this would enable the providers to offer higher interest rates on deposits that might attract inactive money parked in savings bank accounts.
5) Payment banks need to have at least 25 per cent of physical access points, including BCs, in rural centres.
So one fully operational they will definitely increase the financial inclusion and will be helpful in bring prosperity to lower income groups.
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