To become BBPOUs, Banks and nonbank entities are mandatorily required to apply for approval/authorization to Reserve Bank of India under.....

BANKING GENERAL KNOWLEDGE

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

To become BBPOUs, Banks and nonbank entities are mandatorily required to apply for approval/authorization to Reserve Bank of India under____

A	Payment and Settlement Systems (PSS) Act 2007
B	Foreign Exchange Management Act, 1999
C	Banking Regulation Act, 1949
D	SARFAESI Act, 2002

Explanation:

Detailed explanation-1: -14. Banks which are desirous of operating as BBPOUs would need to obtain approval from the Reserve Bank of India under the Payment and Settlement Systems Act, 2007. 15.

Detailed explanation-2: -Ans. The PSS Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters.

Detailed explanation-3: -The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI).

Detailed explanation-4: -Bharat Bill Payment Central Unit (BBPCU) will be a single authorized entity operating the BBPS. The BBPCU will set necessary operational, technical and business standards for the entire system and its participants, and also undertake clearing and settlement activities.

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