BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Banking & Regulation Act 1949
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RBI Act 1934
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Payments & settlement System Act, 2007
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None of the above
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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: -The BBPS will be an authorised payment system operated by National Payment Corporation of India (NPCI).
Detailed explanation-3: -The PSS Act as well as the Payment and Settlement System Regulations, 2008 (PSS Regulations) framed thereunder came into effect from August 12, 2008. In terms of Section 4 of the PSS Act, no person other than RBI can commence or operate a payment system in India unless authorised by RBI.
Detailed explanation-4: -Bharat Bill Payment Operating Unit aka BBPOU is the entity that is authorized by Reserve Bank of India.