BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a bank included in the Second Schedule to the RBI Act
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a post office savings bank
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a banking company as defined in clause c of section 5, of the Banking Regulation Act
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all of the above
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Detailed explanation-1: -What does “derivative” mean in Payment and Settlement Systems Act, 2007? an instrument, to be settled at a future date.
Detailed explanation-2: -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.
Detailed explanation-3: -It further explained that the payment system includes a system enabling credit card, debit card, smart card operations, or money transfer operations, etc. Section 34 of the PSS Act states that stock exchange or clearing corporations set up under stock exchange are not applicable under this Act.
Detailed explanation-4: -What is the objective of the PSS Act, 2007? 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.