An Awareness and Usages Study of Payment Bank

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Dr. Komal Gupta, G. Divya

Abstract

In India Payment bank, is the process of providing of financial facilities through financial institution especially in the rural area to the householder, small businesses, workforces (labors), and to other small sectors. The bank allows everyone to deposit in their account just two lakh (Rs.200000) not more than that, may be increased further. Financial institution and payment bank issues ATM and debit cards for the customer and they don’t have the authority to issue credit cards and give loans to the customers. If someone wants to lend, he/ she should go for the other financial institutions according to the policy of Reserve Bank of India (RBI), the aim of payment bank is to save the small account and provide payment system services to the refugees and help the low-income people of India. It is something new in India, in September 2013 formatted by Reserve Bank of India (RBI) and the RBI gives license to the small institutions and banks for better services.   

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