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Developments in Digital Payments Video Lecture | NABARD Grade A & Grade B Preparation - Bank Exams
FAQs on Developments in Digital Payments Video Lecture - NABARD Grade A & Grade B Preparation - Bank Exams
| 1. What are the key features of digital payment banks? |  |
Ans.Digital payment banks are primarily focused on providing online banking services. They offer features such as paperless account opening, digital wallets, and seamless online transactions. Additionally, they facilitate easy fund transfers, bill payments, and may provide limited banking services like savings accounts and fixed deposits.
| 2. How do digital payment banks differ from traditional banks? | |
Ans.Digital payment banks operate exclusively online without physical branches, unlike traditional banks that have a network of branches. This online-only model allows them to reduce operational costs, which can translate to lower fees and better interest rates for customers. However, they may have limitations on the range of financial products offered compared to traditional banks.
| 3. What regulations govern digital payment banks? | |
Ans.Digital payment banks are regulated by financial authorities, which establish guidelines for their operation, security measures, and customer protection. These regulations ensure that digital payment banks maintain adequate capital reserves, comply with anti-money laundering laws, and safeguard customer data.
| 4. How can individuals benefit from using digital payment banks? | |
Ans.Individuals can benefit from digital payment banks through convenience, as they can manage transactions anytime and anywhere using their mobile devices. Additionally, these banks often offer competitive interest rates on savings and lower transaction fees, making them an attractive option for cost-conscious consumers.
| 5. What are the security measures in place for digital payment banking? | |
Ans.Security measures in digital payment banking include encryption of data, two-factor authentication, and secure access protocols to protect user information during transactions. Regular monitoring for fraudulent activity and compliance with cybersecurity regulations also help ensure that users' funds and personal data are safe from threats.
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Oct 14, 2025
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