In wake of spreading Financial inclusion RBI has given licence to 11 companies to start Payment Bank. This payment will reach out far flugh area without physical cash.This Bank will help to reach out lower income Group and help cashless transaction.RBI is in mood to encourage CASH less transaction .
Let's understand what this payment bank will do.
1) Saving Account facility with Intrest
2) Send and Receive money for Migrant Labour
3) Transaction up to 1 lack
4) ATM -cum-Debit card
5) No credit Card facility
6) No Account for NRI
7) Mutual Fund and Insurance.
8) internet Banking