Which of the following options is NOT correct about the Payment Banks ?

Options

A. Giving loSol to the primary sector is not mandatory
B. CRR /SLR requirements should be fulfilled
C. Credit Cards can be issued
D. No NRI deposits

Answer

C

Explanation

Payment banks cannot lend or offer credit advance to customers like traditional banks. They can issue cheque books and debit cards but not credit cards. Also, unlike traditional banks, you can keep a limited sum in a payment bank account, currently capped at Rs 1 lakh per account.