Payment banks:

  1. can issue ATM/debit cards but not credit cards.
  2. will be able to take deposits and remittances, but cannot undertake lending services.
  3. are permitted for foreign direct investment.

Which of the above statements is/are correct?

Answer: [C] 1,2 and 3

All the statements are correct.Kindly note that, payment banks holding are restricted to a maximum balance of Rs 1 lakh per individual customer.It is mandatory for payment banks to hold minimum capital of Rs. 100 crore. FDI of 74 per cent is allowed in payment bank.

This question is a part of GKToday's Integrated IAS General Studies Module