How many entities has been granted by the Reserve Bank of India (RBI) to set up Payments Banks, recently?
How many entities has been granted by the Reserve Bank of India (RBI) to set up Payments Banks, recently? [A]14 [B]13 [C]12 [D]11
11 The Reserve Bank of India (RBI) granted in-principle approval to 11 entities viz. Reliance Industries, Aditya Birla Nuvo, Vodafone, Airtel, Department of Posts (DoP), Cholamandalam Distribution Services, Tech Mahindra, National Securities Depository Limited (NSDL), FinoPayTech, Sun Pharma’s Dilip Shantilal Shanghvi and PayTM’ to set up Payments Banks. The key features of Payments banks are as follows: a) the bank licence will allow companies to collect deposits (initially up to Rs. 1 lakh per individual). b) offer Internet banking, facilitate money transfers and sell insurance and mutual funds. c) can issue ATM/debit cards, but not credit cards. d) can also distribute non-risk sharing simple financial products viz. mutual funds and insurance products. e) will not be allowed to undertake lending services and Non Resident Indians (NRIs) will not be allowed to open accounts.
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