The Indian central bank announced 11 winners in its new push to bring banking services to a large segment of the country’s population for the first time. The 11 companies selected out of 41 applicants will work closely with the Reserve Bank of India to set up “payments banks,” which will rely heavily on mobile and other technology.

What Are Payments Banks?

Although the actual form of these pseudo-banks has yet to be determined, payments banks will likely be a far cry from a typical bank. The banks will be able to accept deposits and remittances, but will not be allowed to lend.

Although technology is expected to play a large role in the payment banks, they must also have a physical presence.

Financial Inclusion

The payments bank push is…

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