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Payment banks — A new milestone for banking penetration in India

Author

Listed:
  • C. Paramasivan

    (Department of Commerce, Periyar E.V.R. College (Autonomous), Tiruchirappalli 620023, Tamil Nadu, India)

  • G. Ravichandiran

    (Department of Commerce, Periyar E.V.R. College (Autonomous), Tiruchirappalli 620023, Tamil Nadu, India)

Abstract

The purpose of the banking sector in the country is to provide banking services to all the people with a simple and easy manner with this view, PMJDY was introduced in 2014 to provide bank account to unbanked people free of cost and with simplification of KYC norms. All the incentives and monetary benefits to the targeted people will reach only through direct benefit transfer scheme which is linked with bank account and Aadhar. Banks also concentrate on urban and unbanked areas through single window banking and post office savings bank scheme. With this view, payment banks play a key role in banking penetration in the country. This paper made an attempt to discuss performance of payment banks with respect to financial performance.

Suggested Citation

  • C. Paramasivan & G. Ravichandiran, 2024. "Payment banks — A new milestone for banking penetration in India," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 1-15, December.
    • Handle: RePEc:wsi:ijfexx:v:11:y:2024:i:04:n:s2424786323500627
    DOI: 10.1142/S2424786323500627
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