CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

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
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
B

2 and 3 only
No worries! We‘ve got your back. Try BYJU‘S free classes today!
C

1 and 3 only
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D

1, 2 and 3
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
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.

flag
Suggest Corrections
thumbs-up
0
similar_icon
Similar questions
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Ratios and OMO
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon