BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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clearing
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payment
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settlement service
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All of the above
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Detailed explanation-1: -CSDs, SSSs, CCPs are designated as “payment systems” under the PSS Act.
Detailed explanation-2: -This includes debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Payment systems may be physical or electronic and each has its own procedures and protocols.
Detailed explanation-3: -Examples of PSOs include Google Pay, Amazon Pay, NPCI, Paytm etc.
Detailed explanation-4: -BBPS facilitates various payment modes viz, cards (credit, debit and prepaid), NEFT, UPI, wallets, Aadhaar based payments and cash. Mobile prepaid recharges was permitted as a biller category to facilitate the customers with more options to recharge.
Detailed explanation-5: -(1) Any person disirous of commencing or carrying on a payment system may apply to the Reserve Bank for an authorisation under this Act. (2) An application under sub-section (1) shall be made in such form and in such manner and shall be accompanied by such fees as may be prescribed.