What is true about Payments Banks ?
The Payments Banks can not lend to their Directors
Payments banks were set up on the recommendation of the Nachiket Mor Committee, with RBI guidelines issued in November 2014, to extend financial inclusion through small savings accounts and payment and remittance services for migrant workers, low-income households and small businesses.
What they can do: accept demand deposits (initially up to 1 lakh rupees per customer, now 2 lakh rupees), issue ATM/debit cards, provide internet and mobile banking, and offer payment and remittance services; they may also distribute mutual funds, insurance and pension products.
What they cannot do: they cannot issue credit cards or undertake any lending activity. Since they cannot lend to anyone, they certainly cannot lend to their own directors.
So their customers can use ATM cards, are not offered credit by the payments bank, and remittance services are one of their main functions.
Hence, the answer is The Payments Banks can not lend to their Directors.
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