A payment bank in India can accept demand deposits up to a maximum of: MCQ with Answer and Explanation

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A payment bank in India can accept demand deposits up to a maximum of:

A. Rs 5 lakh

B. Rs 1 lakh

C. Rs 50,000

D. Rs 2 lakh

Answer: Option B

Solution (By JKSSB Mock Tests)

Payment banks can accept demand deposits up to Rs 1 lakh per customer.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'National Anti-profiteering Authority' under GST was headed by a:

A. Secretary-level officer

B. RBI Governor

C. Finance Minister

D. Supreme Court judge

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Correct Answer: Option A

Explanation:
NAA was headed by a Secretary-level officer.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on travel agency services is:

A. 12%

B. 5%

C. 28%

D. 18%

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Correct Answer: Option D

Explanation:
Travel agency services attract 18% GST, unless they opt for the 5% without ITC tour operator scheme.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of Indian planning, the first Five Year Plan was based on which model?

A. Mahalanobis model

B. Harrod-Domar model

C. Lewis model

D. Solow model

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Correct Answer: Option B

Explanation:
The First Five Year Plan (1951-56) was based on the Harrod-Domar model which emphasised the role of savings and investment in economic growth.

This question belongs to: Economy GK Economy Set 1

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