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    Question

    Which of the following statement is not correct about

    Payments Bank?
    A Customer can open RD limited to тВ╣2 lakh per customer Correct Answer Incorrect Answer
    B These banks cannot issue loans or credit cards Correct Answer Incorrect Answer
    C These banks offers current and saving accounts Correct Answer Incorrect Answer
    D These banks cannot issue debit cards Correct Answer Incorrect Answer
    E All are incorrect Correct Answer Incorrect Answer

    Solution

    Payments bank is a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to тВ╣2 lakh per customer. These banks may not issue loans or credit cards, but may offer both current and savings accounts. Payments banks may issue ATM and debit cards, and offer net-banking and mobile-banking. The draft guidelines for licensing of payments banks in the private sector were formulated and released for public comments on 17 July 2014. The banks will be licensed as payments banks under Section 22 of the Banking Regulation Act, 1949, and will be registered as public limited company under the Companies Act, 2013.

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