A Reality Check of Payment Banks in India
Banking services have not been too successful in the rural side of our country. This was majorly due to low awareness and zero motivation to work in backward parts of the country.
Know About Payment Banks
Payment Banks came into existence specifically to focus on rural and semi-rural areas where accessibility to services is limited. This effort has further formalized banking services for improved use.
Financial inclusion as a concept has enabled the Government in different ways to facilitate affordability and reach. The Reserve Bank of India has seen exponential growth in the payments bank is spreading out PAN India. The focus of such an initiative was rural, illiterate crowd and now they are doing excessively well in smaller towns. A recent study shows that 37% of our population is outside the ambit of financial system and only 21% have bank accounts.
Read More: How Payments Banks are different from Regular Banks
The payment banks opportunities are to reach as many people in the low income, small investing group as possible could be the serious USP of the payments bank is to have a bank account at the face of the individuals. Individuals can automate their financial transactions at the fastest pace possible, without the need for a middleman. Just a mobile device is required to swiftly get done with financial management including deposits up to 1 lac. This strikes a good balance for the payments bank and consumers both.
Some crucial points that go in favor of the payments bank could be the way they penetrate into making the efforts worthwhile and try different approaches for an enhanced outcome. Payment banks have attempted to pool money specially into marketing for increased awareness and quick online loans process. Initially, they did face challenges relevant to the level of effort involved in the taking the customers into confidence and converting them into loyalists.
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