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Consider the following statements regarding Payments bank.
  1. Payments banks are registered as public limited companies and licensed under the Banking Regulation Act of 1949.
  2. At present Payments banks can accept deposits up to ₹100,000 per customer.
  3. They can issue loans to their customers.
How many of the above statements is/are correct?
  • a)
    Only one 
  • b)
    Only two 
  • c)
    All three 
  • d)
    None
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Payments bank. Payments ba...
Only Statement 1 is correct.
  • A payments bank is a new type of bank that can perform most banking operations but cannot issue credit cards or loans. Payments banks are registered as public limited companies and licensed under the Banking Regulation Act of 1949.
  • Payments banks can accept deposits up to ₹200,000 per customer, but this limit may increase.
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Community Answer
Consider the following statements regarding Payments bank. Payments ba...
Statements regarding Payments bank:

Statement 1: Payments banks are registered as public limited companies and licensed under the Banking Regulation Act of 1949.
- This statement is correct. Payments banks are indeed registered as public limited companies and are licensed under the Banking Regulation Act of 1949.

Statement 2: At present Payments banks can accept deposits up to 100,000 per customer.
- This statement is incorrect. Payments banks can accept deposits up to 2 lakh per customer, as per the guidelines issued by the Reserve Bank of India.

Statement 3: They can issue loans to their customers.
- This statement is incorrect. Payments banks are not allowed to issue loans or credit cards. They can only provide services such as savings accounts, remittance services, and mobile payments.
Therefore, only the first statement is correct. Payments banks are registered as public limited companies and licensed under the Banking Regulation Act of 1949.
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