Payments banks to expand reach of banking in rural areas: World Bank

As per World Bank Report 11 new payments banks is expected to expand penetration of the banking sector in vast rural areas of the country.

• The payments banks would have simplified Know-Your-Customer (KYC), Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) norms.
• The payments banks are permitted to provide remittance services, including through mobile telephones, and many of the approved entities are mobile operators.