Discussion
A Payments Bank is licensed under which Act?
Answer: B
Correct answer: Banking Regulation Act, 1949
A payments bank is licensed under the Banking Regulation Act 1949, the statute governing all banking companies in India, with the differentiated character coming from the conditions attached to the licence. The Payment and Settlement Systems Act 2007 governs payment systems such as RTGS and NEFT, which is a different subject and a common confusion.
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