Multiple Choice Questions on With reference to the Payment Banks consider the following statements Payment banks are a specialize........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

With reference to the Payment Banks consider the following statements Payment banks are a specialize...........

Economic Affairs Types of Banks and Banking
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    With reference to the Payment Banks, consider the following statements

    1. Payment banks are a specialized type of bank introduced by the Reserve Bank of India (RBI) in 2014.

    2. They are designed to promote financial inclusion by offering basic banking services to the unbanked and underbanked population.

    Select the correct statement.

    1 only

    Incorrect Answer

    2 only

    Incorrect Answer

    Both

    Correct Answer

    None

    Incorrect Answer
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    Explanation:

    Both statements are correct.

    Payment Banks

    • Payment banks are a specialized type of bank introduced by the RBI in 2014. 

    • They are designed to promote financial inclusion by offering basic banking services to the unbanked and underbanked population. 

    • They were introduced on the recommendations of the Nachiket Mor committee set up by the RBI to examine financial services for small businesses and low-income households.

    • Example: Airtel Payments Bank, India Post Payments Bank, etc.

    Hence option 3rd is correct.

    By: Shubham Tiwari
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