Last mile delivery strategy for payment banks

Abstract

The concept of Payment banks is similar to the concept pioneered by Vodafone M-pesa of mobile money accounts. According to the RBI guidelines for licensing of Payment banks, a payment bank will be a publicly registered company which can accept demand deposits and make provision of payments and remittances. The objective of setting them up will be to further inclusion by providing savings accounts and remittances to low income households, labour-force and small businesses. [ad-verbatim] They can also issue debit cards and offer internet/mobile banking.