Just the other day, we, the Reserve Bank, have granted in principle approval to eleven entities to form payment banks. Payment Banks are a part of the disruptively innovative regulatory initiatives of the Reserve Bank for financial inclusion, which will lead to inclusive growth. These banks have been structured with the specific mandate to further financial inclusion.
As we said clearly in the Guidelines for Licensing of Payment Banks, the objective of setting up of payments banks will be to further financial inclusion; the strategies will be by providing (i) small savings accounts and (ii) payments / remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.