18 - Payment Banks

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Payment Banks for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking and CAT / MBA entrance examinations of India

1. What is the deposit limit on saving accounts in the Payment banks?

[A] Rs 1 lakh
[B] Rs 50000
[C] Rs 5 lakhs
[D] Rs 10 lakhs

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2. Which of these cannot be issued by a Payment bank?

[A] ATM card
[B] Debit card
[C] Credit card
[D] All of the above

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3. Who headed the committee to evaluate the license applications for Payment banks?

[A] C Rangarajan
[B] Usha Thorat
[C] Nachiket Mor
[D] B S Mehta

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4. Which of these accounts can be opened in a Payment Bank?

[A] Savings Account
[B] Current Account
[C] Both a and b
[D] None

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5. Which is India’s first Payment bank?

[A] PayTM Payments Bank
[B] JIO Payments Bank
[C] Airtel Payments Bank
[D] Fino Payments Bank

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6. Under what section of the Banking Regulation Act, 1949 the payments banks are licensed?

[A] 22
[B] 2
[C] 19
[D] 11

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7. How many Payment banks were approved by RBI in 2015?

[A] 7
[B] 11
[C] 41
[D] 9

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8. How many branches of Payment banks must be in the unbanked rural area?

[A] 25%
[B] 50%
[C] 35%
[D] 75%

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9. Which of these entities surrendered their Payments Bank license?

[A] Cholamandalam Distribution Services
[B] Sun Pharmaceuticals
[C] Tech Mahindra
[D] All of the above

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10. Which of the following activities cannot be undertaken by a Payments Bank?

[A] Accept Deposits
[B] Payment of Utility Bills
[C] Lending Money
[D] None of the above

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