CUSTOMER PERCEPTION TOWARDS PAYMENT BANK: A CASE STUDY OF CUTTACK CITY

A new model of banks conceptualised by the Reserve Bank of India (RBI) is popularly known as Payment Bank. As these banks cannot issue loans and credit cards, but both current and savings accounts can be operated by such banks. Money is the life blood of every economy. Now-a-days cash transactions are much simpler due to the popularization of internet, smart phones and other digital technologies. Therefore most of the transactions were cashless and if these practices will continue as it is then in future physical form of currencies will no longer be a king. Privacy, security and convenience are the factors which influence the users while using the facility of payment banks. The last decade has seen tremendous growth in use of internet and mobile phone in India. Increasing use of internet, mobile penetration and government initiative such as Digital India are acting as catalyst which leads to exponential growth in use of digital payment. But still many people are there who were not ready to accept this system of banking as they have a thinking of being cheated. The current paper will help to identify the customer perception towards payment bank.