Wednesday, November 25, 2015

Payments banks to expand reach of banking in rural areas: World Bank

As per World Bank Report 11 new payments banks is expected to expand penetration of the banking sector in vast rural areas of the country.
  • The payments banks would have simplified Know-Your-Customer (KYC), Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT) norms.
  • The payments banks are permitted to provide remittance services, including through mobile telephones, and many of the approved entities are mobile operators.

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