Question
Which of the following is not a requirement for an
entity to be eligible to set up a payment bank in India?Solution
To be eligible to set up a payment bank in India, an entity must fulfill several requirements, including being a company incorporated in India, having a minimum net worth of Rs. 100 crore, and having a track record of three years in the financial sector. However, there is no requirement for the entity to have a foreign shareholding of less than 49%. In fact, the guidelines issued by the Reserve Bank of India (RBI) in 2014 allow up to 74% foreign shareholding in a payment bank. Hence, option D is incorrect.
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