Payment Banks on Improving Financial Inclusion in India
Journal Title: International Journal of Business and Management Invention - Year 2019, Vol 8, Issue 1
Abstract
In India, the ramped financial exclusion of the poor and unprivileged has led to many citizens being unable to have proper access to essential banking facilities and amenities that in turn restrict the growth and financial progress of several people. This is prevalent mostly in villages and rural areas, and hence there arose a need for solving the above-mentioned problem. In this paper, financial exclusion and its challenges are explored in-depth, along with the solution for the same being payment banks and how they’ve helped in improving financial exclusion, introduced by the RBI in 2014. This paper also explores the scope, benefits and changes implemented upon the introduction of payment banks, and the current scenario of financial exclusion in our country.
Authors and Affiliations
Anahita Singh, Sonalika Bhadouria
Keywords
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