BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

OBOPAY has announced that the company has secured a license for PPI from RBI to operate a semi-closed loop wallet in the country. What is the meaning of “I” in PPI?

A	Initial
B	International
C	Installment
D	Instrument

Explanation:

Detailed explanation-1: -PPIs are instruments that facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored therein.

Detailed explanation-2: -2.5 Semi-Closed System Payment Instruments: These are payment instruments which are redeemable at a group of clearly identified merchant locations/ establishments which contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder.

Detailed explanation-3: -As the Paytm wallet facilitates interaction of the wallet-holder with third party vendors and merchants, it qualifies as a semi-closed system PPI; causing it to have obtained a Certificate of Authorisation from the RBI is such respect under the PPI Directions.

Detailed explanation-4: -Prepaid Payment Instrument (PPI) issuer LivQuik on Friday said it has achieved full Interoperability as mandated by the Reserve Bank of India for their Prepaid payments Instruments. The company is also the first PPI issuer to have achieved full interoperability, it said in a statement.

There is 1 question to complete.