The establishment of Payment Banks is being allowed in India to promote financial inclusion. Which o

Question

The establishment of Payment Banks is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context?Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks.Payment Banks can issue both credit cards and debit cards.Payment Banks cannot undertake lending activities.Select the correct answer using the code given below.

Accepted Answer

In August 2015, the Reserve Bank of India granted in-principle approval to 11 applicants to start payments banks. These include:Reliance IndustriesAirtel M Commerce ServicesTech MahindraVodafone m-pesaAditya Birla NuvoDepartment of PostsCholamandalam Distribution ServicesFino PayTechPayTmNational Securities Depository Ltd (NSDL)Sun PharmaThey can issue debit cards but not credit cards. FDI of 74% is allowed in these banks.