Payments banks are a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer account. How much is the minimum capital requirement for Payment banks?

Rs 1 crore

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Rs 50 crore

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Rs 1000 crore

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Rs 500 crore

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Rs 100 crore

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Solution

The correct option is E Rs 100 crore
The minimum capital required for a Payment Bank is Rs. 100 crore.

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Similar questions

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?

Q. Consider the following statements about the Payment banks:Which of the above statement(s) is/are correct?

Only 3
Only 1 & 3
None of the Above
Only 1 & 2

6. Consider the following statements,

1] Recently, India Post received payments bank licence from the Reserve Bank of India to start rollout of banking operations commercially under the permit.

2] India Post Payments Bank is the third entity to receive payments bank permit after BhartiAirtel and Paytm.

Which of the above statements is/are correct?

Q. As per Reserve bank of India (RBI) guidelines, what is the rate at which banks in India must pay a minimum interest on the balances held in Savings bank account?

Q. The Reserve Bank of India(RBI) acts as a banker's bank. This would imply which of the following?

1

. Other banks retain their deposits with the RBI

2

. RBI lends funds to the commercial banks in times of need

3

. RBI advises the commercial banks on monetary matters
Select the correct answer using the codes given.

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Payments banks are a new model of banks conceptualized by the Reserve Bank of India (RBI). These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer account. How much is the minimum capital requirement for Payment banks?

The correct option is E Rs 100 croreThe minimum capital required for a Payment Bank is Rs. 100 crore.

The correct option is E Rs 100 crore
The minimum capital required for a Payment Bank is Rs. 100 crore.