With reference to India Post Payments Bank (IPPB), consider the following statements: 1. IPPB is a 100% government-owned entity under the Ministry of Finance. 2. Payments banks can accept deposits up to Rs. 2 lakh but are not allowed to provide loans or issue credit cards. How many of the above statements are correct? |ForumIAS

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Q. With reference to India Post Payments Bank (IPPB), consider the following statements:
1.IPPB is a 100% government-owned entity under the Ministry of Finance.
2.Payments banks can accept deposits up to Rs. 2 lakh but are not allowed to provide loans or issue credit cards.
How many of the above statements are correct?

[A] Only one

[B] Only two

[C] Both

[D] None

Answer: A

Notes:

Explanation:

Statement 1 is incorrect: IPPB is a 100% government-owned payments bank under the Department of Posts, Ministry of Communications, not the Ministry of Finance.
Statement 2 is correct: Payments banks can accept deposits (currently up to Rs. 2 lakh) but cannot offer loans or issue credit cards.

Source- TOI