Mukt Shabd Journal ISSN NO : 2347-3150 “Role of Payments Banks in India” Dr. Prasanna Kumar T M Professor & Head, PGDMS& RC, PESITM, Shivamogga- 577204, Karnataka, India;
[email protected] Mr.Arjun J Assistant Professor, PGDMS& RC, PESITM, Shivamogga- 577204, Karnataka, India;
[email protected] Abstract- Passage of time leads to drastic changes in the This paper is purely on conceptual study. The data and technology usage by the people. In the field of banking information collected from secondary sources like sector even we come to use more advanced technology published articles, National and International Journals, rather than following the old re-materialization. Preferring Newspaper, websites etc. maximum for the electronic rather than the paperwork. As the advent of core banking systems in the banking sector 4. Emergence of Payment Banks in India: with the globalization effect has changed style of banking • 23 September 2013: The RBI formed a committee on system in India. From the past decades the Indian economy comprehensive financial services for small business has undergone transformations in the technology with and low-income households was formed by the RBI innovation which led to the birth of new payment system in headed by Nachiket Mor. bank (Payment Bank proposed by the RBI committee on • 7 January 2014: NachiketMor committee submitted its 'Comprehensive financial services for small businesses and final report with the various recommendations it low income households' spearheaded by Nachiket Mor recommended for the formation of a new category of during 2014’). Introduction of payment banks has resulted bank called the payment bank. in greater financial changes among the Indian demographics • 17 July 2014: The RBI issued the draft guidelines for in the form of increasing the awareness among the user and the payment banks, inviting suggestions comments customer with their retention, it will make reduction in work from interested entities and the general public.