Question

As per the RBI guidelines, Payments Banks are allowed to -

i. Acc ept deposit uptoRs. 10 lakh per customer
ii.Provide small value loans upto Rs.1 lakh to individuals
iii.Can issue credit cards upto Rs.5 lakh credit limit
iv.Offer services like ATM cards, debit cards, net-banking and mobile-banking

A Only i & ii Correct Answer Incorrect Answer
B Only i & iv Correct Answer Incorrect Answer
C Only i, ii & iv Correct Answer Incorrect Answer
D Only iv Correct Answer Incorrect Answer
E None of these Correct Answer Incorrect Answer

Solution

Payments Banks are conceptualised by the Reserve Bank of India (RBI). These banks can accept deposit upto ₹1 lakh per customer. These banks cannot issue loans and credit cards but can offer current account and savings accounts and can issue services like ATM cards, debit cards, net-banking and mobile-banking. Airtel has launched India's first payments bank. Paytm is the second such service to be launched. India Post Payments Bank is the third entity to receive payments bank licence from RBI.

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