43. Which among the following is incorrect with respect to Payment Banks and Small Finance Banks in India ?

1. Payments Banks can accept deposits but have to keep the customer balance below one lakh rupees, whereas there is no such restriction on the Small Finance Banks.

2. Payments Banks cannot give loans or issue credit cards whereas Small Finance Banks can.

3. Mobile Companies and Supermarket Chains owned and controlled by residents are allowed to become eligible promoters for Payments Banks but this is not true for Small Finance Banks.

4. Payments Banks cannot sell mutual funds, insurance and pension funds but Small Finance Banks can.

Correct Answer :

Payments Banks cannot sell mutual funds, insurance and pension funds but Small Finance Banks can.