Question : Which of the following institutions is responsible for regulating and supervising the functioning of payment banks in India?
Option 1: Reserve Bank of India (RBI)
Option 2: Securities and Exchange Board of India (SEBI)
Option 3: National Stock Exchange of India (NSE)
Option 4: None of the above
Correct Answer: Reserve Bank of India (RBI)
Solution : The correct answer is (a). Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is responsible for regulating and supervising the functioning of payment banks in India. Payment banks are a specific type of bank introduced by the RBI to provide basic banking services, especially to underserved areas and individuals who do not have access to traditional banking services. Payment banks are allowed to undertake limited banking activities, such as accepting deposits, making payments, and remittances.
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