BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to provide for the regulation and supervision of payment systems
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to designate RBI as the authority
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matters connected therewith or incidental thereto
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All of the above
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Detailed explanation-1: -The objectives of The Payment and Settlement Systems Act, 2007 are: To provide regulation and supervision of payment methods in India. To designate RBI, the apex institution as authority for purposes related to payment systems in India.
Detailed explanation-2: -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.
Detailed explanation-3: -The Act also provides the legal basis for ‘netting’ and ‘settlement finality’. The PSS Act, 2007 received the assent of the President on 20th December 2007 and came into force with effect from 12th August 2008.
Detailed explanation-4: -What does “derivative” mean in Payment and Settlement Systems Act, 2007? an instrument, to be settled at a future date.
Detailed explanation-5: -Payment systems should aim to achieve a high degree of interoperability with other systems. For instance, to the extent possible, message standards should be consistent with international standards to allow the easy flow of payments across borders and to simplify access for new entrants.