Question

Payment Banks in India are prohibited from performing which of the following activities?

A Accepting deposits Correct Answer Incorrect Answer
B Providing remittance services Correct Answer Incorrect Answer
C Issuing debit cards Correct Answer Incorrect Answer
D Distributing mutual funds Correct Answer Incorrect Answer
E Extending loans and advances Correct Answer Incorrect Answer

Solution

Payment Banks are restricted to hold a maximum balance of ₹1 lakh per individual customer. This limitation is imposed to ensure the safety of deposits and to prevent systemic risks.

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