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Types of Borrowing

Q. Which of t...

Question

Q. Which of the following are the purposes of setting up ‘Payment Banks’ in India?

Select the correct answer using the code given below:

A

1 and 2 only

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B

2 and 3 only

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C

1 and 3 only

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D

1, 2 and 3

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Solution

The correct option is A
1 and 2 only
Explanation:

Statement 1 is correct - Payment Banks are established for eliminating the physical infrastructure of the banking system so that it enables the remote areas to access various banking services.

Statement 2 is correct - The other objective of setting up these banks is to widen the spread of payment and financial services to small business, low-income households, migrant labor workforce in a secured technology-driven environment.

Statement 3 is incorrect - Payment banks cannot undertake lending activities.

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Q. Q. Which of the following are the purposes of setting up ‘Payment Banks’ in India?Select the correct answer using the code given below:

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3. Insurance facilities
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