Arun Jaitley says Payment Banks will change India’s banking habits

2216

RBI has given nod to 11 entities to launch such niche banks within next 18 months. More and more outside of the regular economy will get into the economy. Mr Jaitley said banking network is expanding hugely and the health of banks reflects on the challenges for the economy.

Payments Banks to Change Banking Habits of Indians: Finance Minister Arun Jaitley

NEW DELHI: The proposed payments banks will change banking habits in the country as more and more people entering formal banking network would act as a “game-changer” for the economy, Finance Minister Arun Jaitley said today.

RBI has given nod to 11 entities to launch such niche 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,” Mr Jaitley said at the Indian Bank event in New Delhi.

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,” Mr Jaitley said. Payments Banks to Change Banking Habits of Indians: Finance Minister Arun Jaitley