Question

Identify the wrong pair (Bank and related category) from following?

• A. Punjab National Bank - Public Sector Bank
• B. Canara Bank - Payments Bank
• C. AU Bank Ltd - Small Finance Bank
• D. Axis Bank Ltd - Private Sector Bank

Answer 1

Answer:

B. Canara Bank - Payments Bank

• Canara Bank is not a Payments Bank

• It is a Public Sector Bank.

• Public Sector Banks are those banks in which the government holds a majority stake.

• These banks are established to provide banking services to the general public and promote financial inclusion.

• Payments Banks are a new category of banks in India that were introduced by the Reserve Bank of India in 2015.