Abhedya company had applied for a small bank. Similarly, Navodaya company had applied for a payment bank. Which of the following conditions is not true with reference to a small bank and a payment bank guidelines?

Abhedya and Navodaya should have paid up a minimum capital of 100 Cr.

Abhedya and Navodaya should offer both deposit and loan products.

Navodaya cannot set up subsidiaries to set up NBFC business.

Navodaya can offer only a limited range of products.

Abhedya and Navodaya should have at least 10 years of experience in banking and finance.