Payment Banks - A Revolutionary Step in India For Financial Inclusion

Abstract

In an attempt to evaluate the various initiatives taken by Government towards Financial Inclusion with the help of secondary sources published by RBI (Reserve Bank of India), CRISIL (Credit Rating Information Services of India Limited), EPWRF (Economic & Political Weekly Research Foundation). The interpretation of the secondary data compiled from these reports revealed that the growth of Financial Inclusion is slow (2010-2015), a number of reasons are responsible for this failure that are the absence of bank branches, inability to maintain minimum balance requirement, lack of infrastructure, lack of documents are few to be mentioned. The increase in the Financial Inclusion over the years (2010-2015) is very slow supporting the decision of the Government for the Payment Banks towards financial inclusion.