Terming the RBI’s move to grant payment banks licences to 11 applicants as ‘significant’ and ‘important’, Finance Minister Arun Jaitley on Wednesday said this would not only ensure that money was brought into the banking system, but also enable banks to reach out to more people in rural areas.
“The RBI giving payments banks licences is a significant and important step. Payments banks will ensure more money comes into the banking system. Various banks are looking at increasing their rural reach, including big banks like the SBI, payments banks will help them realise this,” Mr Jaitley said.
The move was also welcomed by the industry and analysts who called it ‘an assertive step towards financial inclusion’.
