BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Reserve Bank of India Act-1934
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Banking Companies (Acquisition and Transfer of Undertakings) Act-1970
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Banking Regulation (Companies) Rules, 1949
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Payment and Settlement Systems Act (PSS Act), 2007
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Detailed explanation-1: -Ans. In terms of Section 4 of the PSS Act, 2007 no person other than the Reserve Bank can operate or commence a payment system unless authorized by the Reserve Bank. Any person desirous of commencing or operating a payment system needs to apply for authorization under the PSS Act, 2007(Section 5).
Detailed explanation-2: -25. Dishonour of electronic funds transfer for insufficiency, etc., of funds in the account.
Detailed explanation-3: -India Code: Payment and Settlement Systems Act, 2007. Long Title: An Act to provide for the regulation and supervision of payment systems in India and to designate the Reserve Bank of India as the authority for that purpose and for matters connected therewith or incidental thereto.