Payment Banks is ‘doorstep banking’ loaded with futuristic amenities
8th March 2017Category : Featured storiesPublished by :Rahul Verma Reading Time : 4 Minute News Sourced : India
of ‘Payments Bank’ initiated by Reserve Bank of India (RBI) to cast away
traditional banking is reality and reaching to customer through interactive and
feasible mobile phones services. The Payment Banks can accept transfers through
mobile phones and services like automatic payments, purchases will pave way for
the step of ‘cashless transaction’.
The step was
taken to ease pressure on tradition banking structure and after demonatisation its
role is becoming crucial. The business hubs like Reliance Industries, Aditya
Birla Nuvo Tech Mahindra, Airtel and Vodafone have received permission to open
Bank and they are making it reality now.The future of Payment Banks now depends upon the public approach and
business profit concerns due to some entities quit the idea of joining this
launch of pilot services of India Post Payments Bank (IPPB) at Raipur and
Ranchi Finance Minister Arun Jaitley ,said, ‘payments bank will have a
"multiplier impact" by providing doorstep banking to people in remote
areas at lower cost and compete with traditional banks in future.’ According to
reports, IPPB will expand operations to 650 districts by September.
addition in this effort is ‘Airtel Payment Bank’ in collaboration with Bharti
Airtel, the biggest phone service provider and Kotak Mahindra Bank went live
with the strong network of about 2,50,000 points.According to company’s portal, the mobile
number will work as account number and you will get equivalent talk time for
your deposit. The Bank will open savings account with the deposit limit of 1
lakh. There are no charges on cash deposit whereas withdrawal is chargeable according
one of its biggest projects, incorporated just after demonetisation, The
Reliance Jio Payment Bank under the umbrella of biggest conglomerate Reliance
is ventured with SBI, reportedly will start in coming month after it received
reports, E-wallet giant Paytm is reportedly to announce onset of Paytm Payments
Bank, to make battle fierce.
will announce midweek or by the end of the week a date for the launch of the
payments banks," Vijay Shekhar Sharma, founder of One97 Communications,
which owns the e-wallet, as Mail Today, reported.
Shanghvi, promoter of Sun Pharmaceutical Industries that he was withdrawing his
plan to launch a payments bank, whereas second popular telecom operator
Vodafone may start is bank next month, as reports floating in India.
for gaining consumer base for most unique banking for small business with
futuristic approach is getting nerves now. On the one side, leading nationalise banks are putting charges on ATM transactions,
withdrawal and minimum balance and government is in mood to keep cashless
transaction on its priority and pushing this effort. The Payments Bank and
Wallet services can make huge difference as small business and transaction can
be made without any hassle anywhere with your mobile number as unique identity.