Thursday, January 29, 2015

Soon Revolution in Banking from Mobile Store

Modi government has strives towards providing banking facilities to all sections of society, especially the poor and disadvantaged sections. Under this effort, the government launched the country's public-funding scheme, now mobile shops, petrol pumps and shops located on the corners of the streets, helping people reach the door is banking.

The name of the new payment system of banking is PAYMENT BANK which is away from traditional financial institutions.Under this scheme Mobile stores, fuel centers and corner stores will permit you to provide banking services.

RBI's move shows that the traditional bank PM Narendra Modi alone can not meet the objective of financial inclusion. 11 million new bank accounts were opened under Jan Dhan yojana, However, the concern is that these out of 11 million account , 8 million accounts is not having money in the accounts.

Payment Bank  will cater India's 600,000 villages supporters say that this may be linked to the banking facilities where such facilities are not. Payment via bank to send money home, achieve economic benefits arising from the government or the business will be easier.
Payment bank will help to provide service different from traditional banks.Most important change is that the payment bank will accept only cash, but they will also have option to take  cash.
To provide banking services to people before the government started a system which was named prepaid payment instrument system. The biggest drawback of this system was that it could only be taken. There was no provision for payment to depositors lack the new banking system has been completed.

Payment bank  will help to put a stop to the use of cash in the economy. In 10 of the 9 transactions in India still have cash transactions only. The banking system and pre-paid mobile operator service providers play a key role. Retailers are also interested in it. Present in over 100 cities in India such as Future Group is a retail company said that it would apply for permits  Telecom service provider companies like Airtel, Vodafone and others want to be second in this case.