Name: Shubhashri Bose
Country: India

Year: 2021
Volume: Volume-8, Issue-1 (January-June)
Page Number: 52-55

ABSTRACT
Payment Banks, the new entrants in the financial market in India set up with the object for
financial inclusion of large majority are highly regulated offering services more than a digital
wallet has grown enormously in terms of low value transactions and number of account
holders. Differentiated Licensing by RBI of these Banks also curtails their earning sources
and they essentially function as Platform Business Model. These banks can partner to
commercial banks but cannot extend lending facilities or credit card. The paper provides
insight to concept, conditions, features services offered, and the challenges faced by these
payment banks in our financial system.
Key Terms: Financial Services, Credit Risk, Deposits, Business Correspondent