Payments Banks Continue to Struggle

Civil services chronicle The financial health of 'payments banks', a concept cham¬pioned by the Reserve Bank of India (RBI) to further the cause of financial inclusion in the country, has set the alarm bells ringing. civil services chronicle magazine The consolidated net loss of all the payments banks (PBs) in the country has more than doubled to Rs 516 crore from Rs 242 crore in the previous fiscal. In FY17, only two PBs had reported their financials, while the FY18 data are for five players. civil services chronicle subscription online The losses have been attributed to the high operating expenses, as many of these banks had to set up the initial infrastructure. The expenses have gone up by five times as they have to go deeper in a bid to tap the unbanked customer Civilservices chronicle.