An Empirical Study on the Awareness and Usage of Payment Banks Among College Students in Bangalore City

Abstract

Payment banks are the newest initiative from the Reserve Bank of India (RBI) with the first motive to promote digital, paperless and cashless banking in our nation. Its an associated approach within which different non-banking monetary organizations are granted the authority to ensure basic bank services to each Indian national. A payments bank could be a differentiated bank with the precise objective of occupation to the unbanked and underbanked. Though the Pradhan Mantri Dhan Yojana has brought down the amount of unbanked people within the country, there are still millions who don't have bank accounts. According to a World Bank report, Republic of India is home to twenty one of the world’s unbanked adults. Payments banks aim to service these customers, particularly migrant employees and people from lower financial gain households, in addition as bring them into the formal economic system. It conjointly has the additional advantage of secured, technology-driven transactions which might simply be half-track with none loop hole for black cash. The present paper provides a horizon on the attention level and usage of payment banks among the faculty going students of urban center town. For the aim of the study each primary and secondary knowledge are used. the scholars following totally different courses are created use as sample. the info collected are analyzed victimization acceptable applied math techniques. It’ll conjointly highlight the necessity for payment banks in Republic of India and its future.