The payments banks in India were established in order to achieve financial inclusion and these banks can only accept deposits. They cannot undertake lending activities. The RBI has given the approval to open such banks as per Section 22(1) of the Banking Regulation Act 1949. Payment banks have been set up as per the recommendations of the Nachiket Mor committee and they can only accept deposits upto Rs 1 lakh per individual. These banks have to invest at least 75% of its funds in the government securities.
Financial position of the business is ascertained on the basis of
In how many days do a statutory Auditor of a company needs to report fraud/suspected fraud?
The Annual Financial Statement distinguishes the expenditure on which of the following account from the expenditure on other accounts, as is mandated in...
Which of the following is considered as a Non-Banking Financial Company (NBFC)?
Shares of Vinay Ltd. And Sagar Ltd. are currently traded at Rs.100 and Rs. 20 respectively. Vinay Ltd is acquiring Sagar Ltd and the market price of bot...
In which of the following facility the borrower can take money out as needed until the limit is reached, and as money is repaid, it can be borrowed again?
What is the meaning of Inter-Operable Regulatory Sandbox (IoRS)?
The sum of all exposure of a FC-Finance Company/FU-Finance Unit in IFSC to a single counterparty or group of connected counterparties shall not exceed h...
Which of the following financial centers ranks first in the Global Financial Centres Index (GFCI) 35?
What distinguishes a credit union from a commercial bank?
