Payment banks - GS questions based on daily current affairs

1)   Which of the following statements is/are correct about payment banks?

1. They can provide forex cards to travellers, usable again as a debit or ATM card all over India.
2. They can offer forex services at charges higher than banks.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 1

Explanation:
Payment banks can offer forex services at charges lower than banks.
2)   Which of the following statements is/are correct about payment banks?

1. Payment banks can raise deposits of upto Rs. 10 lakh
2. It also pay interest on these balances just like a savings bank account does.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 2

Explanation:
Payment banks can raise deposits of upto Rs. 1 lakh.
3)   Which of the following statements is/are correct?
     
1.Non resident Indians will be allowed to open accounts in payment banks.
2. Payment banks can issue credit cards.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: None

Explanation:
Non resident Indians will not be allowed to open accounts in payment banks.Payment banks can issue ATM/debit cards but not credit cards.

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