BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Only 1 and 2
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Only 2 and 3
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Only 1, 2 and 4
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All of above
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Detailed explanation-1: -The Prepaid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers and any such instruments which can be used to access the prepaid amount (collectively called Payment Instruments hereafter).
Detailed explanation-2: -LivQuik, a prepaid payment instrument (PPI) issuer, announced that it has achieved full interoperability for its Prepaid Payment Instruments, as mandated by the Reserve Bank of India. According to the firm, it is also the first PPI issuer to achieve full interoperability.
Detailed explanation-3: -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.
Detailed explanation-4: -3. Open system: PPIs under this system can only be issued by banking institutions that have been approved by the RBI. These instruments can be used to facilitate purchases, remittances, cash withdrawals, etc. examples of PPIs issued under this system are debit cards and credit cards.