Question

What are payments bank​

Answer 1

Answer:

Definition: A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. In simple words, it can carry out most banking operations but can't advance loans or issue credit cards.

Explanation:

The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. ... Payments banks can only accept deposits of up to Rs 1 lakh per customer in a savings/current account.

Answer 2

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