With the growing workforce of millennials and young adults along with the rise of FinTech (financial technology) platforms, banking has begun to revolutionize. Thanks to Neobanking, there is a growing interest among younger people to avail banking services without the traditional banking system.
A bank’s services is known to everybody: it accepts deposits from savers and grants loans to people and businesses. Opening a bank account can be tedious as going through the documentation process could take time. To reduce this time along with spreading and increasing the knowledge of financial services and digital payments, RBI initiated the concept of Payments Bank.