Discussion
In 2015, RBI gave “ in-principle “ licence to eleven entities to launch payment banks. The licence was valid for __ months ?
Answer: C
Correct answer: 18 Months
The in-principle approvals granted in August 2015 were valid for eighteen months, within which each entity had to comply with the licensing conditions and satisfy the Reserve Bank in order to receive a final licence. Three of the eleven surrendered their approvals within that window rather than proceed.
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