The payments banks are referred to as the “Differentiated Banks” by commercial banks. Reserve Bank of India in its guidelines, has started setting up payments’ banks in the country from November 24, 2014. The Payments Banks will try to meet the needs of the public though with some restrictions like the banks will be authorized to open current and savings accounts but, it won’t be able to issue credit cards to its customers. Objectives of Payments Banks According to the reports of the Reserve Bank of India, almost 60% of the people in the country are not connected to the … Continue reading What are payments banks?