The key objective is to avail the financial service that satisfy the need of the user or consumer without any discrimination. Its where Individual people and business institution have access to useful and reasonable priced financial products and services that satisfy the need of an individual and are delivered to them in a sustainable and responsible way. There is accessibility to the financial services as the availability and equality of opportunities.
Its aim is to help and get the people who use bank services to a certain extent to gain profit and and people who use bank debit card and savig account only to have better access to the financial services. Payment Network Operators The Visa and Mastarcard are the payment network operators. These network consist of the banks which help the consumer to make the payments and and helps the receiver to accept payment . It’s a relationship between the issueing bank and the acquiring bank Payment Banks The main objective of payment banks is to improve and enhance financial inclusion . These banks are registered as public limited companies.
Payment banks are the banks which provide a really great deal in the case of interest rate with the highest interest rate. Payment banks are different from commercial banks. Payment banks offer a zero balance account ( no minimum balance ) without any extra charge not like a commercial banks who charge heavy to customer. Payment banks have the right to open there own ATMs . Payment banks do not accept fixed deposit , term deposit , recurring deposit etc. Payment banks are not allowed to give credit card facilities .
They only provide debit cards .For example :- PayTmBanking Correspondence Models Banking correspondence model is the model to increase the financial inclusion. These models have agents of the bank who would serve as door-step bankers and communicate with the customer ..