The rapid growth of digital banking and financial technology has significantly transformed the Indian banking sector, particularly since the Reserve Bank of India (RBI) established payment banks. Payment banks were founded to promote financial inclusion, stimulate cashless transactions, and make banking services more accessible to underprivileged communities. The current study explores students' perceptions and attitudes about payment banks in Rajasthan, with a focus on Banasthali University students. The study uses both primary and secondary data. Primary data were acquired from 200 respondents using a structured questionnaire utilising a cluster sampling method, while secondary data were gathered from journals, books, publications, and websites. Percentage analysis was utilized to evaluate and present data. The study's findings show that students have a positive opinion of payment bank services. Payment banks' main benefits, according to the majority of respondents, are easy cash management, encouraging digital payments, ease, and 24-hour service availability. The outcomes show that payment banks play a significant role in promoting digital financial transactions and fostering the development of a paperless economy among the younger generation. Respondents were less satisfied with security features and promotional offers, highlighting the need for stronger cybersecurity safeguards and customer-oriented incentives. The study proposes that payment banks have emerged as an effective and convenient digital banking option for students and young people. Continuous technical innovation, improved security measures, and customer-centric initiatives have the potential to expand payment banks' usage and efficacy in India. The study contributes to the existing literature on digital banking and financial inclusion by giving empirical evidence about students' attitudes toward payment banks in Rajasthan.
Sharma et al. (Wed,) studied this question.