Question

Identify the INCORRECT statement regarding Payment Banks:

Q: Answer-Identify the INCORRECT statement regarding Payment Banks:

The concept of Payment Bank was first mooted by Nachiket Mor Committee in 2014 for financial inclusion. These banks accept deposit only up to Rs 1 lakh. They also provide remittance services, mobile payment, ATMdebit card services etc. But they dont provide any kind of credit. Till now 10 payment banks have been granted license by a selection committee constituted under Nachiket Mor. Airtel Payment Bank was the first to start its operation. Later Paytm, India Post and fino have also started operation.