Multiple Choice Questions on Consider the following regarding recent Draft Guidelines for Licensing of Payments Banks and Small B........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following regarding recent Draft Guidelines for Licensing of Payments Banks and Small B...........

Economic Affairs Types of Banks and Banking
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    Consider the following regarding recent Draft Guidelines for Licensing of Payments Banks and Small Banks by RBI-

    1)    Every resident individual is eligible to set up a small bank.

    2)    Payment banks will have limited area of operation.

    3)    Mobile telephone companies are eligible to set up a Payments Bank

     Which of the given above statement (s) is/ are correct?

    1 and 2

    Incorrect Answer

    3 Only

    Correct Answer

    1 and 3

    Incorrect Answer

    1, 2 and 3

    Incorrect Answer
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    Explanation:

    First statement is incorrect. Resident individuals/professionals with 10 years of experience in banking and finance; and companies and societies owned and controlled by residents will be eligible to set up small finance banks.

    Second statement is incorrect as there is nothing like limited area of operation for Payment Banks

    By: Cammy Garg
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