97. Consider the following statements:
i) Payments banks will mainly deal in transfer and remittance services and accept deposits of up to Rs 1 lakh.
ii) They will not lend to customers and will have to deploy their funds in government papers and bank deposits.
iii) They can accept demand deposit, issue ATM/debit and credit cards.
Which of the above statements is/are correct?

a) i and ii only

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b) ii and iii only

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c) i and iii only

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d) i ii and iii

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Solution

The correct option is A a) i and ii only

A)
Payment banks are non-full service banks, whose main objective is to accelerate financial inclusion.

Payments banks will mainly deal in transfer and remittance services and accept deposits of up to Rs 1 lakh.

They will not lend to customers and will have to deploy their funds in government papers and bank deposits.

They can accept demand deposit, issue ATM/debit cards but not credit cards.

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Similar questions

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ii) They will not lend to customers and will have to deploy their funds in government papers and bank deposits.

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Which of the above statements is/are correct?

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