The apex bank of the country- Reserve bank of India is planning to recommend the establishment of ‘payment banks’. The director of RBI Nachiket Mor stated that post offices all over the world are working well as the payment banks.
These specialized banks will help the customers with fixed deposits, saving accounts and cheque facilities. The payment banks do not make any money from the deposits. These banks generally generate revenue from the transactions made. Further Mr. Mor stated that, the establishment of these banks will help to provide better services and curb the problem of shortage of banking services in the country.
It has been reported that government is trying to provide more of the banking services in rural and unbanked areas. In coming months it has been expected that banking sector may transform in to business outlook.