In wake of spreading Financial inclusion RBI has given licence to 11 companies to start Payment Bank. This payment will reach out far flugh area without physical cash.This Bank will help to reach out lower income Group and help cashless transaction.RBI is in mood to encourage CASH less transaction .
Let's understand what this payment bank will do.
1) Saving Account facility with Intrest
2) Send and Receive money for Migrant Labour
3) Transaction up to 1 lack
4) ATM -cum-Debit card
5) No credit Card facility
6) No Account for NRI
7) Mutual Fund and Insurance.
8) internet Banking

Tata group company  launched a  VISA-powered prepaid card in partnership with Ratnakar Bank (RBL).
with this  PaySmart card, mRUPEE customers will be able to withdraw money from VISA-licensed ATMs and also pay for goods and services at all merchants that accept VISA debit or credit cards nationally, the company in a statement said.

This service would offer convenience to those who do not have a bank account and hence are not able to participate in the mainstream economy.The minimum money value the PAY Smart card will hold is Rs 200 rupees while the maximum value is kept at Rs 1-lakh at any point in time.

What is mRupee?