Payment banks will change banking habits in the country, says Finance Minister
Updated: Aug 21, 2015 03:04:46pm
New Delhi, Aug 21 (KNN) Payment banks will change the banking habits in the country said Union Finance Minister Arun Jaitley adding that this itself is going to be a big game-changer as far as the Indian habits and Indian economy is concerned.
Reserve Bank of India (RBI), on Wednesday, gave ‘in-principle’ approval to 11 applicants to set up Payment banks within next 18 months.
"Payments banks will change the banking habits of people, it will change the way they think, it will change the way they keep the money, where they keep their money, it will change the way they pay," Jaitley said at the Indian Bank event here.
He said going ahead, banking is going to be more of technology-enabled and effort is now on to expand banking to every unbanked corners of the society.
"... using banks for all transactions, small and middle will become a habit of the people. More and more outside of the regular economy will get into the economy. And this itself is going to be a big game-changer as far as the Indian habits and Indian economy is concerned," Jaitley said.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
"While on one hand we can take some satisfaction in the fact that networks are expanding across the country, there is huge amount of activity which is still to be done," he said. (KNN Bureau)
Reserve Bank of India (RBI), on Wednesday, gave ‘in-principle’ approval to 11 applicants to set up Payment banks within next 18 months.
"Payments banks will change the banking habits of people, it will change the way they think, it will change the way they keep the money, where they keep their money, it will change the way they pay," Jaitley said at the Indian Bank event here.
He said going ahead, banking is going to be more of technology-enabled and effort is now on to expand banking to every unbanked corners of the society.
"... using banks for all transactions, small and middle will become a habit of the people. More and more outside of the regular economy will get into the economy. And this itself is going to be a big game-changer as far as the Indian habits and Indian economy is concerned," Jaitley said.
Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.
"While on one hand we can take some satisfaction in the fact that networks are expanding across the country, there is huge amount of activity which is still to be done," he said. (KNN Bureau)
Loading...
