New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

     Which of the following CANNOT be undertaken as a

    function by the India Post Payment Bank?
    A Sanctioning loan Correct Answer Incorrect Answer
    B Funds remittance Correct Answer Incorrect Answer
    C Issue of debit cards Correct Answer Incorrect Answer
    D Issue of prepaid instruments Correct Answer Incorrect Answer
    E Mutual funds distribution Correct Answer Incorrect Answer

    Solution

    The India Post Payment Bank offers basic banking services acceptance of demand deposits, remittance services, internet banking and other specified services. It does not lending services. It can accept deposits up to Rs. 1 lakh per account from individuals and small businesses. It can issue ATM/debit cards but not credit cards. It can also issue other prepaid payment instruments. It can also distribute non-risk sharing simple financial products like mutual funds and insurance products.

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