The Reserve Bank of India (RBI) will invite applications for setting up of small and payment banks by the end of this month, the apex bank's governor Raghuram Rajan said here Thursday.

 

 Rajan was speaking at an event organised by the National Bank for Agriculture and Rural Development.

 

 The small and payment banks will target small businesses and low income households.

 

 Rajan also said that the RBI is planning to revamp its cash management system.