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What are payment banks? Write down their features. |
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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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