The objectives of setting up of payments banks will be to further financial inclusion by providing

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Small savings accounts
B	Payments/remittance services to migrant labour workforce,
C	Low income households
D	All of the above

Explanation:

Detailed explanation-1: -The main objective of payments bank is to widen the spread of payment and financial services to small business, low-income households, migrant labour workforce in secured technology-driven environment.

Detailed explanation-2: -A payment bank can involve in the providing basic financial services be like access to mutual funds, the insurance products, the pension products and forex services subject to conditions set by the RBI. like personal loans or any other loans to their customers.

Detailed explanation-3: -It aims to establish proper financial institutions to cater to the needs of poor people.

Detailed explanation-4: -Firstly, to act as a platform where the low-income groups can have a Savings account and deposit their incomes and savings. Secondly, to facilitate transactions and payments for small businesses and promote entrepreneurship. For instance, to pay the wage to migrant laborers and to cover costs of raw materials.

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