The new banks that have emerged in the banking sector with specific aims are :
- Mahila Banks
- Payment Banks
- Mudra Bank
Bharatiya Mahila Bank :
Bharatiya Mahila Bank was started in November 2013. Its slogan is ‘Women’s Empowerment is India’s Empowerment’. This bank has branches in many states today. The bank accepts deposits from all but provides loans mainly to women. (This bank is merged with SBI in 2017).
Payment Banks :
Payment banks have been established to help low income groups, small scale industrialists and migrant labourers. These banks do not provide all the services rendered by banks.
Their features are :
- Accept deposits only up to? 100000 from individuals.
- Provide interest on deposits as specified by RBI.
- Do not provide loans.
- Issue debit cards, do not issue credit cards.
- Charge a specific fee as commission for banking transactions.
Mudra Bank :
Mudra bank was launched in April 2015 to provide short term loans. It provides financial help to small entrepreneurs and micro finance institutions.
