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What is Types of Banks in India Explained about?

The Reserve Bank of India approved 11 entities to open payment banks, a new category of banks aimed at increasing financial inclusion. Payment banks will provide savings, deposit, payment and remittance services but will not lend money. The approved entities include companies like Aditya Birla Nuvo, Airtel and Reliance Industries as well as individuals from Sun Pharmaceuticals and PayTM. Payment banks are expected to have a disruptive effect on banking similar to Uber and will join India

Author

Pranav Vira

Language

EN