Question

Payment Banks can accept deposits upto ___________per account from individuals and small businesses.

A 2 lakh Correct Answer Incorrect Answer
B 3 lakh Correct Answer Incorrect Answer
C 1 lakh Correct Answer Incorrect Answer
D 50000 Correct Answer Incorrect Answer
E 30000 Correct Answer Incorrect Answer

Solution

Payments banks can accept deposits up to Rs. 1 lakh per account from individuals and small businesses. They can issue ATM/debit cards but not credit cards. They can also issue other prepaid payment instruments and can distribute non-risk sharing simple financial products like mutual funds and insurance products.

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