Question

The following are features of a payment banks.Identify the wrong one.

• A. It can accept only savings and cuurent deposits.
• B. it is not covered by the banking ombudsman scheme
• C. it need not issue passbook for the deposit accounts
• D. it cannot lend to any person

Answer 1

Answer:

B. it is not covered by the banking ombudsman scheme

It can accept only savings and cuurent deposits. it need not issue passbook for the deposit accounts it cannot lend to any person