1.

What are payment banks? Write down their features.

Answer»

Payment Banks have been established to help the low-income groups small scale industrialists and migrated employees.

The main features are:

1. Accept deposit up to only one lakh rupees from individuals. 

2. Provide interest on deposits as specified by the Reserve Bank of India. 

3. Do not provide loans. 

4. Charge a specific fee as commission for bank transactions. 

5. Debit card will be provided but no credit card.



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