Q. What facilities are provided by the Payment Banks?
1. Fixed Deposits
2. Debit Cards
3. Credit Cards
4. Loans
Select the correct option from the codes given below:
Answer:
Only 2
Notes: Payment Banks: Scope of activities Payment banks can accept demand deposits. This implies that customers can open savings accounts as well as current accounts; but NO time deposits (such as FDs).
- An account balance cannot exceed Rs. 1 Lakh for an individual customer.
- Payment Banks can issue ATM/debit cards but not credit cards.
- Payment Banks can NOT give loans.
- Payments and remittance services through various channels.
A payment bank can become Banking Correspondent of another bank and offer all products / services which a BC can offer. Payment Banks can distribute non-risk sharing financial products like mutual fund units and insurance products, etc. The revenue of these banks would come
mainly from the transaction fees.