Discussion
Which of the following Payments Bank is the first one to start giving its services in India?
Answer: C
Correct answer: Airtel Payments Bank
Airtel Payments Bank was the first payments bank to begin operations in India, launching a pilot in Rajasthan in late 2016 and going nationwide in January 2017. India Post Payments Bank and Paytm Payments Bank followed later in 2017, and Fino Payments Bank the same year.
Payments banks were created by the RBI to widen access: they may accept deposits up to a prescribed limit per customer and offer payments and remittance services, but they may not lend, which is the essential difference between them and a Small Finance Bank.
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