Which among the following is incorrect with respect to Payment Banks and Small Finance Banks in India?
1
Payments Banks can accept deposits but have to keep the customer balance up to two lakh rupees, whereas there is no such restriction on the Small Finance Banks.
2
Payments Banks cannot give loans or issue credit cards whereas Small Finance Banks can.
3
Mobile Companies and Supermarket Chains owned and controlled by residents are allowed to become eligible promoters for Payments Banks but this is not true for Small Finance Banks.
4
Payments Banks cannot sell mutual funds, insurance and pension funds but Small Finance Banks can.