Payment Systems — Prelims Questions

Which of the following statements about the Payment and Settlement Systems Act, 2007 (PSS Act) is/are correct? 1. It designates the Reserve Bank of India (RBI) as the sole authority for regulating payment systems. 2. It mandates that all settlements effected through authorized payment systems are final and irrevocable. 3. It allows any person to commence or operate a payment system without prior authorization, provided they register within a year. Select the correct answer using the code given below:

Consider the following payment systems: 1. RTGS 2. NEFT 3. IMPS 4. UPI Which of the above systems offer 24x7x365 availability for transactions?

With reference to Payment Banks in India, which of the following statements is/are correct? 1. They can accept demand deposits up to ₹2 lakh per customer. 2. They are allowed to issue credit cards to their customers. 3. They can undertake lending activities to small businesses and marginal farmers. Select the correct answer using the code given below:

Which of the following initiatives are primarily driven by the National Payments Corporation of India (NPCI)? 1. Unified Payments Interface (UPI) 2. Real-Time Gross Settlement (RTGS) 3. RuPay Card Scheme 4. National Automated Clearing House (NACH) Select the correct answer using the code given below:

Regarding the Central Bank Digital Currency (CBDC) in India, which statement is NOT correct?