Payment banks in India: Customer Awareness and Satisfaction Nazeem A & Biju S K Abstract Payments banks are offering limited banking services started with the objective to serve the people of rural and remote area with banking services through mobile banking; and also to have a large sphere of urban customers with low cost deposits and high saving interest rates. The cost structure of payment banks will be lower in comparison to the universal banks. And to compete with the payment banks the existing banks have to make many changes and opt new technology which will raise the cost of running operations. It is an extension to the existing banking system as their primary objective is to be the growth of the economy. Payment bank has a great role to promote digital, paperless and cashless banking in our nation. Through payment bank, customer acquisition is very easy. Payment banks offer interest rate similar to other banks. Payment bank can't accept the recurring and f
