Digital Financial Services — Prelims Questions

With reference to the Unified Payments Interface (UPI), consider the following statements: 1. UPI transactions require internet connectivity at both sender and receiver ends 2. UPI can facilitate transactions between different banks without requiring separate agreements 3. The transaction limit for UPI is uniform across all participating banks 4. UPI uses virtual payment addresses instead of account numbers for transactions

The Account Aggregator (AA) framework in India is designed to:

Which of the following best describes the primary difference between Central Bank Digital Currency (CBDC) and existing digital payment methods in India?

The JAM Trinity in the context of financial inclusion refers to:

Consider the following statements about digital financial services regulation in India: 1. Payment and Settlement Systems Act, 2007 provides the legal framework for payment systems 2. All fintech companies require RBI license to operate in India 3. Digital lending platforms must ensure direct lending relationships with borrowers 4. Cryptocurrency trading is completely banned in India