Discussion
A payments bank is licensed under ______ of Banking Regulation Act, 1949.
Answer: C
Correct answer: Section 22
Section 22 of the Banking Regulation Act 1949 is the provision under which the Reserve Bank grants a licence to carry on banking business in India, and payments banks are licensed under it like any other bank. The restrictions that make them a differentiated category are imposed as conditions of that licence rather than by a separate section.
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