GyanGramThe establishment of “Payment Banks’ is being allowed in India to promote Financial Inclusion. Which of the f…
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The 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.
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• Correct Answer: B
• Payment Banks can be promoted by resident-owned entities including telecom companies and supermarket chains.
• They are prohibited from lending and from issuing credit cards; only debit cards are permitted.
• A, C, D are wrong because Payment Banks cannot issue credit cards or undertake lending activities.
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