‘Pre-paid instrument providers can be turned into banks’

Payment banks can be created by converting the existing pre-paid instrument (PPI) providers into banks, according to Nachiket Mor, Chairman of the RBI-appointed financial inclusion committee.

In its recommendations released early this week, the committee had recommended setting up of specialised payment banks to provide payment services and deposit products to small businesses and low-income households.

There are 27 such PPIs in the country. Readmore