Consider the following statements regarding Payment Banks:
1. Payment Banks can't advance loans or issue credit cards.
2. Payment Banks can accept demand deposits up to Rs 5 lakh.
3. Payment Banks offer remittance services, mobile payments/transfers/purchases.
4. Payment Banks offer banking services like ATM/debit cards, net banking and third party fund transfers.
Which of the above statement(s) is/are correct?
Consider the following statements regarding Payment Banks:
1. Payment Banks can't advance loans or issue credit cards.
2. Payment Banks can accept demand deposits up to Rs 5 lakh.
3. Payment Banks offer remittance services, mobile payments/transfers/purchases.
4. Payment Banks offer banking services like ATM/debit cards, net banking and third party fund transfers.
Which of the above statement(s) is/are correct?
The correct option is A Only 1, 3 and 4
Payment bank performs the following activity:
1. They can accept demand deposits.
2. An account balance cannot exceed Rs. 1 Lakh for an individual customer.
3. Payment Banks can issue ATM/debit cards but not credit cards.
4. Payment Banks cannot give loans.
5. Payments and remittance services through various channels.
6. A payment bank can become Banking Correspondent of another bank and offer all products / services which a BC can offer.
7. Payment Banks can distribute non-risk sharing financial products like mutual fund units and insurance products, etc.
8. The revenue of these banks would come mainly from the transaction fees
Payment bank performs the following activity:
1. They can accept demand deposits.
2. An account balance cannot exceed Rs. 1 Lakh for an individual customer.
3. Payment Banks can issue ATM/debit cards but not credit cards.
4. Payment Banks cannot give loans.
5. Payments and remittance services through various channels.
6. A payment bank can become Banking Correspondent of another bank and offer all products / services which a BC can offer.
7. Payment Banks can distribute non-risk sharing financial products like mutual fund units and insurance products, etc.
8. The revenue of these banks would come mainly from the transaction fees
