Discussion
Consider the following statements
1. A payments bank will not be allowed to lend and will invest 75 percent of funds in government securities.
2. Its main focus is to offer remittance services and simple financial products.
3. The minimum capital requirement is set at Rs 100 crore.
4. It will be allowed to accept savings deposits up to Rs 2 lakh a customer.
Which of the above statements is/are correct?
Answer: D
Correct answer: All
All four statements are correct. A payments bank may not lend and must invest at least 75 per cent of demand deposits in short-dated government securities; its purpose is remittances and simple financial products; the minimum paid-up capital is Rs 100 crore; and it may accept deposits up to Rs 2 lakh per customer, the limit having been raised from Rs 1 lakh in April 2021.
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