Who Will Get the Payments Bank License in India? Gateway to Digital Payments Revolution

The Reserve Bank of India is poised to issue licenses for new Payments Banks. The objective behind a payments bank is to drive financial inclusion in the country by setting up small saving accounts. These banks will be set up primarily for payments and remittances to the migrant labor workforce, low income households, small businesses and entities in other unorganized sectors. Companies from various domains of the industry have applied for the payments bank license. The number of applicants has now reached 41.

It is interesting to note that the range of applicants that ...

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