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Parishodh Journal Volume IX, Issue III, March/2020 ISSN NO:2347-6648

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Parishodh Journal Volume IX, Issue III, March/2020 ISSN NO:2347-6648 Parishodh Journal ISSN NO:2347-6648 An Empirical Study - Customers Perception Towards Awareness and Usage of Jio Payment Bank Services with Special Reference to Chennai City, Tamil Nadu. V.S. Suhail Ahmed Ph.D. (Part Time)- Research Scholar PG & Research Department of Commerce, Jamal Mohamed College-Trichy Email Id: [email protected] Mobile No:9600204490 Dr.K. Vijaya Kumar Assistant Professor & Research Supervisor PG & Research Department of Commerce, Jamal Mohamed College-Trichy Email Id: [email protected] Mobile No:9942169888 Abstract Jio Payments Bank has received the approved from the Reserve Bank of India to start opening accounts for its customers. The purpose of the study is to know the awareness and usage level of Jio payment bank users and find out the gap between awareness and usage level of payment bank users. The response was collected from 127 users of the Jio payment bank form the Chennai City. The study concludes that the majority of the users of payment banks are in the age group of 25-30 Year. The users of payment bank services are aware of the Paytm payment bank. 1 Introduction Payment banks is a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹100,000 per customer and may be increased further. payment banks cannot issue loans and credit cards. Both the current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards, net-banking, and mobile-banking. Jio Payments Bank has received the green light from the Reserve Bank of India to restart opening accounts for its customers. This initiative is aimed at redefining the Indian economy by providing a secure payment gateway for all transactions. It also reaches out to the migrant laborers and lower-income groups by providing all services on mobile phones and issuing a very low transaction fee for every service. After demonetization, this is the RBI's second move to eliminate black money and promote cashless transactions to digitize India. Since it is an initiative to go cashless, it eliminates the need to exchange bad currency notes and the cost of regeneration of fresh notes. Volume IX, Issue III, March/2020 Page No:2397 Parishodh Journal ISSN NO:2347-6648 The list of active payments banks India. 1. Aditya Birla Payments Bank 2. Airtel Payments Bank 3. India Post Payments Bank 4. Fino Payments Bank 5. Jio Payments Bank 6. Paytm Payments Bank 7. NSDL Payments Bank Jio payment bank “Reliance Industries Limited was granted an in-principle approval by the Reserve Bank of India ('RBI') to establish a new Payments Bank under the Banking Regulation Act, 1949. It then partnered with the State Bank of India to support this ambitious initiative of building Payments Bank capabilities for every Indian and accordingly, Jio Payments Bank Limited, was incorporated in November 2016”. “The Payments Bank initiative is seen by Reliance as a significant opportunity to make a transformative impact on India’s financial inclusion landscape to lead and co-create an eco-system to provide accessible, simple and affordable banking solutions to all constituents of our country - especially the financially excluded, to digitise payments and to act as a catalyst towards a cashless society”. Charge and fees of Services and Transfer Service Fees/Charges (Rs.) Account Opening Free Load/Add Money (Mobile App) Free Unlimited Rs. 2.5 per 1000 deposited with minimum of Rs. 11 Cash Deposit (SBI Branches) per transaction plus applicable GST Funds Transfer Within Jio Payments Bank (Mobile Free Unlimited App) From Jio Payments Bank to another Free Unlimited Bank (Mobile App)-IMPS From Jio Payments Bank to another Free Unlimited Bank (Mobile App) – NEFT Volume IX, Issue III, March/2020 Page No:2398 Parishodh Journal ISSN NO:2347-6648 Main the feature of Jio Payment bank ✓ The customer can open a zero-balance account. ✓ Interest rate on its savings account is dependent upon the flexible interest rate. ✓ Fixed deposit facility. ✓ Fulfil KYC requirements through mobile applications Jio Money/ MyJio / Banking Correspondent apps or any of the access points of the Bank. Payment banks guidelines by RBI RBI has spelled out clear guidelines for payment banks. Which are listed below • “The minimum entry capital for the payment banks is fixed at Rs.100 crores”. • “Payment banks can accept demand deposits. The restriction therein is that the maximum balance per customer can only be Rs.1,00, 000. This can be for both current and savings accounts. All deposits have to be invested in government bills and securities, thereby indicating that the fee income for a transaction is what would probably be the biggest revenue driver for payment banks”. • “Payment banks would be primarily providing the remittance and the payment services. The boundary condition here is that the total credits into an account should not be more than Rs.1,00,000. This means that payment banks would only make a sense to lower economic strata of the Indian banked and unbanked population”. • “Payment banks must be the banking correspondent of commercial banks where they can offer a service like marketing of bank's loan products etc”. Statement of the Problem There is a tremendous change in the Indian banking sector due to digitalization. In recent times, with the advent of the internet and digitalization, several alternatives have been popped up and one of them is the digital economy. It may be defined as a situation wherein all the transaction is through electronic means and the flow of physical cash is negligible. This is not just limited to apps but also changes in the organization structure provision of services that goes beyond the traditional facilities. It requires the services made easy and accessible in real-time through the use of digital wallets. Jio payment bank has more clientele than payment banks. There is a need to know whether payment banks have reached awareness and usage of the people/customers to make India a necessary for the general public. Hence, this study aims to understand the awareness and usage of Jio payment bank in their Chennai City, Tamil Nadu.India Volume IX, Issue III, March/2020 Page No:2399 Parishodh Journal ISSN NO:2347-6648 Objectives of the Study Based on the above discussions, the following objectives were identified: 1. To study the demographic profile of Jio payment bank users. 2. To know the awareness and usage level of Jio payment bank user. 3. To identify the gap between awareness and usage level of payment bank services. Hypothesis H0 = There is no significant relationship between awareness and usage services of Jio payment bank Research Methodology Research Design The research is exploratory and descriptive in nature. the study constitutes of primary and secondary data Primary data is collected with the help of structured questionnaires. the survey questionnaire is divided into two-part Part 1 elicits the demographic profile of the respondents Part II deals with the statements related to the services provided by the payment bank. Collection of questionnaires data is done through Google Form URL link is: https://forms.gle/wVMDpKmgUpSZ6VhE7 Sample Technique and sample size Simple random sampling is adopted to collect data from the customers on awareness and usage of Jio payment bank services. A sample size of 127 respondents is collected from the Chennai City. Tamil Nadu. India Area of the study: Major City of Tamil Nadu – Chennai Tools used for analysis Percentage analysis is used to find the demographic profile of the respondents. The average mean is computed from the respondents derived from the customers on payment bank services and relating to awareness usage. The difference between awareness and usage is considered as the gap. Correlation analysis is employed to find out the extent of the relationship between awareness and usage of payment banks. Multiple regression analysis is used to find out the impact of demographic factors on customers' usage of payment bank services. Volume IX, Issue III, March/2020 Page No:2400 Parishodh Journal ISSN NO:2347-6648 Review of literature Anahita Singh, Sonalika Bhadouria (2019) in their research article entitled "Payment Banks on Improving Financial Inclusion in India" The author concluded that payment banks will be able to lift India's vulnerable condition and aid in the economic development of all by the provision of their services and extended reach. V. Ramesh Naik et al (2018) reveals that the various facilities such as government benefits, loans, insurance and even interest on savings cannot be availed by the rural backward population. The services such as M-Banking, IPPB, PMJDY will reach the unbanked and the underbanked across all cross-sections of society and geographic by implementing financial inclusion. Reena Agarwal (2016) also made a conceptual study. the study was based on secondary data discusses in the papers that explore the current transformations in the banking industry. On the need for payment banks in India. The anticipated role of payments banks, Nidhi Chandarana (2015) studied the role of payment banks and their functions. The researcher also has focused on a need of digital India to reduce the burden of commercial banks Data Analysis Table No 2 Demographic Profile of Respondents Frequency Percent 25-30 59 46.5 31-40 17 13.4 Age 41-50 1 .8 Below 25 50 39.4 Total 127 100.0 SSLC/HSC 37 29.1 Graduate 46 36.2 Educational Post graduate 26 20.5 Qualification Doctorate 3 2.4 Others 15 11.8 Total 127 100.0 Male 116 91.3 Gender Female 11 8.7 Total 127 100.0 Sources: Primary Data The above table No.2 46.5% of respondents belong to the age group of 25-30 year.13.4% of respondents are in the age group of 31-40 years, 0.8% are in the age group of 41-50 years and 39.4% are below 25 years age group.
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