For expanding Banking
Services in India, RBI has chosen the Nachiket Mor Committee to explore and
make recommendations for the development of a special category of banks to
provide comprehensive financial services to small businesses, low income families
and disadvantaged groups. One such recommendation has been the creation of
Payment Banks primarily to facilitate financial inclusion. Payment Banks, the
concept of RBI’s Committee on Comprehensive Financial Services and Low Income
Households, has been an important step towards ensuring financial inclusivity
by promoting more participation of disadvantaged groups in the mainstream
financial services.
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