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In India, a new banking system to reach masses

Payments banks can accept deposits and offer services like ATMs, debit cards and online banking

Published Wed, Mar 1, 2017 · 09:50 PM
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Uttar Pradesh

AT A furniture store outside India's capital, a salesman scans the manager's ID and takes her fingerprint on a biometric device attached to his cellphone.

Within minutes, Meenakshi Sharma becomes eligible for an account with Paytm, joining the hundreds of thousands who have signed up to a payments banking system that is revolutionising India's retail sector.

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