Payment Banks in India Transforming Financial Inclusion for Unbanked Communities
Payment banks (PBs) were introduced in 2014 to improve financial inclusion in India by reaching unbanked areas and helping poor households, small businesses, and migrant workers. The study compares PBs with commercial banks and PPIs, showing their importance in financial inclusion. PBs have also played a significant role in the cashless revolution, outperforming other similar service providers.