Identify the wrong pair (Bank and related category) from following-

Correct option is B

The correct answer is (B)    Canara Bank — Payments Bank​

Canara Bank

  o It is a public sector bank, not a payments bank. Public sector banks are owned mostly by the government and aim to provide banking services to the public and promote financial inclusion.

Payments Banks

  o A special category of banks introduced by the Reserve Bank of India in 2015. These banks can accept deposits up to Rs. 1 lakh and offer payment and money transfer services, but they cannot lend money or issue credit cards.

Information booster:

Punjab National Bank

  o It is a public sector bank, which is correctly categorized as such.

AU Bank Ltd

  o It is a small finance bank, which is also a correct category. These banks were introduced in 2015 to serve small businesses, farmers, and low-income households.

Axis Bank Ltd 

  o It is a private sector bank. In these banks, most shares are owned by private individuals or companies, and their main goal is to make profits for their shareholders.

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