Discussion
Under what section of the Banking Regulation Act, 1949 the payments banks are licensed?
Answer: A
Correct answer: 22
Payments banks are licensed under Section 22 of the Banking Regulation Act 1949, the same provision under which every bank in India is licensed. They are a differentiated category created by the licensing conditions attached, not by any separate statute - which is why they are banks in law and subject to the Reserve Bank’s full supervisory authority.
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