BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payments bank can issue ATM/debit cards but not credit cards
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Payments Bank can give a loan of up to only Rs 1 lakh.
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Initial capital required for a Payments Bank is Rs 100 crore
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Payments Bank must maintain Cash Reserve Ration (CRR) as decided by RBI.
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Detailed explanation-1: -Detailed Solution. The Correct Answer is Option 4 i.e Credit cards can be issued. Payments banks is an Indian new model of banks conceptualized by the Reserve Bank of India (RBI). These banks cannot issue loans and credit cards.
Detailed explanation-2: -Payment banks cannot issue credit cards. It cannot accept time deposits or NRI deposits. It cannot issue loans.
Detailed explanation-3: -In simple words, it can carry out most banking operations but can’t advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.
Detailed explanation-4: -Payment Banks can Accept demand deposits. Payment Banks can Issue ATM/Debit cards, but can’t issue credit cards.
Detailed explanation-5: -Considering the progress made by PBs in furthering financial inclusion and with the objective of giving more flexibility to the PBs, it has been decided to enhance the limit of maximum balance at the end of the day from ₹1 lakh to ₹2 lakh per individual customer of PBs with immediate effect. 4.