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Competition between traditional, payments banks imminent: FM
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SME Times News Bureau | 13 Jan, 2017
Finance Minister Arun Jaitley on Thursday said the launch of payments
bank will now initiate competition between traditional banking and these
new banks.
"We will see competition not only among telecom
companies but between traditional banking and these new banks," Jaitley
said here at the launch of Airtel Payments Bank.
"Telecom
companies have built-in customer base. This business of banking is
incidental to their technology. It was a convergence waiting to happen,"
Jaitley added.
For telecom companies to get into this business is quite natural, he said.
The Reserve Bank of India gave the payments bank licences to 11 companies, of which 4-5 are telecom firms.
The payments banks will be an immediate addition to the existing bank structure, he added.
Jaitley said with the bulk of population becoming connected to the banking, the cost of transactions will become minimal.
"With
JAM (Jan-Dhan, Aadhar and Mobile) and increased digitisation, banking
costs are going to be minimal in the country," he said.
"Increase
in digitisation of economy would bring obvious gains to society.
Emerging generations of India are taking to newer technologies and
digitisaiton quite easily," he added.
Jaitley said that the next
revolution to happen is post offices turning into banks as they lie
under-utilised despite having a wide connectivity in rural areas.
He said "1.75 lakh post offices which are under-utilised, are waiting to be converted into banks. They have connectivity".
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