..............While small banks will provide a bevy of basic banking products, such as deposit taking and lending, but in a limited area of operation, payments banks will provide acceptance of demand deposits and remittances of funds but will not be allowed to undertake lending activities, the RBI’s draft norms say. “While the initiative of the RBI to come up with multiple models of banking is laudable, one hopes that this round of broad-basing banking system will and push the dream of financial inclusion deeper inside India. Needless to add, previous attempts to increase banking penetration in the last 5 years to achieve this objective has been dismal,” ...........
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