In relation to payment banks, which of the following statements is INCORRECT?
Payment banks can issue credit cards.
The correct answer is option 2. Payment banks are not allowed to issue credit cards as they are restricted to providing basic banking services such as savings and current accounts, money transfers, and issuing debit cards. The other statements about payment banks' limitations on loans, time deposits, and debit cards are correct.
Similar Questions
____ was the first payments bank to start its commercial operation in November 2016 on a pilot basis.
Which of the following activities can be undertaken by a payment bank in India, as per RBI guidelines?
(i) Acceptance of demand deposits
(ii) Acceptance of time deposits
(iii) Issue of debit cards
(iv) Issue credit cardsUnder which scheme are collateral free loans of up to ₹10 Lakh extended by the Member Lending Institutions (MLIs) in India?
The 'Make in India' initiative primarily focuses on which sector?
The real name of Babur, the founder of Mughal dynasty in India was:
Important Questions from Payment and Small Finance Banks
Who is the founder of Grameen Bank?
____ was the first payments bank to start its commercial operation in November 2016 on a pilot basis.
Which of the following activities can be undertaken by a payment bank in India, as per RBI guidelines?
(i) Acceptance of demand deposits
(ii) Acceptance of time deposits
(iii) Issue of debit cards
(iv) Issue credit cardsThe establishment of 'Payment Banks' is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context?
1. Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks.
2. Payment Banks can issue both credit cards and debit cards.
3. Payment Banks cannot undertake lending activities.
Select the correct answer using the code given below.
In which of the following cities is the corporate office of North East Small Finance Bank located?
