Payment Banks and Its Role in Indian Banking Sector and its Impact Study on Traditional Banking in India

Any contemporary economy's backbone is the banking industry. It is one of the most crucial financial pillars of the financial system, and it has a significant impact on an economy's success or failure. The paper focuses on the study which implies the impact of payment banks on the traditional banks. The data for the study is gathered from the secondary data like journals, websites. The paper talks about the services, benefits, activities and the challenges faced by the payment banks. It is found that in various ways payment banks have affected the working of the traditional banks. Whereas Payment Banks is a key value proposition and would be really a game change in Indian Banking System.