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What Payment Banks Must Do To Realise The Dream Of Financial Inclusion

The Reserve Bank of India has given in-principle approval to 11 entities to set up payment banks. The objectives of such banks are (a) to further financial inclusion by providing small savings accounts; and (b) to provide payment/remittance services to the migrant labour force, low-income households, small businesses and other organised sectors. The new players in banking have to display out-of-the-box thinking in the following areas to make a distinct mark.