Central Banking

RBI looks to ‘disruptive innovation’ to boost inclusion

rbi-tower
The Reserve Bank of India

The granting of 'in-principle' licences to 11 payment banks will help deliver a much-needed boost to financial inclusion, Reserve Bank of India (RBI) deputy governor R Gandhi said on August 25.

India has been undergoing a "payments revolution" in recent years and the "next biggest contributor" will be the payment banks, the deputy governor said. The RBI granted provisional banking licences to 11 companies and individuals on August 19, although they will have to pass further tests before they

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