Payments, small banks to ring in innovation
Various companies plan to apply for licences. Tie-ups and low-cost products expected to come forth
The Reserve Bank of India (RBI) on Thursday released the final guidelines for licensing of payments and small banks. These banks are intended to cover the unbanked and underbanked areas and increase banking penetration in the country, stated the circular. Let’s take a look at the changes that these banks are likely to bring in financial services.
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