The proposed payments banks will change banking habits in the country as more and more people entering formal banking network would act as a ‘game-changer’ for the economy, Finance Minister Arun Jaitley said on Friday.
RBI has given nod to 11 entities to launch such niche banks within next 18 months. “Payments banks will change the banking habits of people, it will change the way they think, it will change the way they keep the money, where they keep their money, it will change the way they pay,” Jaitley said at the Indian Bank event here.
He said going ahead, banking is going to be more of technology-enabled and effort is now on to expand banking to every unbanked corners of the society.