11 payment banks receive in principle approval from RBI

Q.  How many payment banks received in-principle approval by the Reserve bank of India?
- Published on 31 Aug 15

a. 3
b. 4
c. 6
d. 11

ANSWER: 11
 
A payment bank is different from conventional banks as it cannot lend to its customers. It is allowed to take deposits, allow remittances and provide simple financial products. The central bank has approved applications of National Securities Depository Limited (NSDL), Reliance Industries , Aditya Birla Nuvo , Airtel M Commerce, Department of Posts , Fino PayTech, Tech Mahindra, Vodafone m-pesa, Cholamandalam Distribution Services, PayTM, and Sun Pharma.

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