Payment Banks Redefining Indian Banking:An Empirical Study

Abstract

The present study was taken up to explore the current transformations in the banking industry. The aim was also to study the initiative taken by banking regulator to create payment banks to rejuvenate the banking sector and to promote financial inclusion in the country. The intent of the study was to explore: (i) the need for the payment banks, (ii) the anticipated role of payments banks, (iii) the credibility of the private entities who got the license to operate payment bank in India and (iv) the implications in the banking industry in specific and economy as a whole.