What is a Payments Bank ?

Defination:

Payments Bank is a specialized bank which provides wide array of payment facilities to customers and users. Payments Banks would help a common person to make payments through an easy mode, to a wide array of institutions/people in a cost effective manner. They are expected to emerge as specialized banks to provide services to small businesses and persons. Payments banks will be used only for transaction purposes and for deposits. Unlike small banks, payments banks can't lend money to people.