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Q. Which of t...

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