The Reserve Bank of India (RBI) has launched payment banks with the primary goal of expanding digital, cashless, and paperless banking in our country. It's a related concept that gives various financial institutions that are not banks the authority to provide every Indian citizen with basic bank services. A payments bank might be a unique type of bank with the specific goal of serving the underbanked and unbanked. A payments bank might be a unique kind of bank with the specific goal of serving the underbanked and unbanked. Millions of individuals still do not have bank accounts, even though the Pradhan Mantri Dhan Yojana has reduced the number of unbanked individuals in the nation.
The RBI has granted "in-principle" licenses to certain entities to establish Payment Banks, marking an important turning point in the history of the Indian banking sector. This is a significant step in the RBI's financial inclusion efforts to reach low-income groups and small communities. The public at large must be aware of the various IT-enabled banking services, as the use of information innovation has been growing daily, and the Indian economy is transitioning to a cashless economy.
A new era in banking has begun with the rise of payment banks. The utilisation of digital payments is based on the payment method. In terms of technological innovation as well as the availability of a variety of safe, secure, creative, and effective payment systems, the online era has made the nation a force to be reckoned with in the global payments area. The creation of Payment Banks has been a step toward achieving the goal of financial inclusion as well as ensuring the creation of a safe and reliable payment system for digital money exchanges. The primary goal of the establishment of the payment bank in India was to facilitate rapid and simple online transactions in order to save time. This study gives an overview of students’ awareness of payment banks. The organised questionnaire is the basis of the investigation. Both primary and secondary data have been used for this research. The output has been extracted via statistical methods, such as the percentage method and the chi-square test.
Payment Banks, IT-enabled banking services, financial inclusion, cashless economy.
Preety Sharma, Dr Ankita Pareek. A Study on Awareness and Usage of Payment Banks Among Students. Indian Journal of Modern Research and Reviews. 2024; 2(10):78-82
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