Discussion
Identify the false statement
Answer: C
Correct answer: RBI envisage payments banks to be “virtual” banks or branchless banks.
This is the false statement. The Reserve Bank was explicit that payments banks are not to be virtual or branchless: they must have a physical presence, with at least a quarter of their access points in unbanked rural centres. The other three are correct - NRI deposits are not permitted, credit cards may not be issued, and a payments bank may act as a business correspondent of another bank.
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