BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IRDAI
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SEBI
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RBI
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NABARD
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Detailed explanation-1: -Banks can issue PPIs after obtaining approval from RBI. The non-bank PPI issuers are companies incorporated in India and registered under the Companies Act, 1956 / 2013. They can operate a payment system for issuing PPIs to individuals / organisations after receiving authorisation from RBI.
Detailed explanation-2: -Reserve Bank of India-Database. To provide a framework for the regulation and supervision of all the entities involved in issuance of Prepaid Payment Instruments in the country and to ensure orderly development of this segment of the payments and settlement system in a prudent and customer friendly manner.
Detailed explanation-3: -PPIs that require RBI approval / authorisation prior to issuance are classified under two types: Small PPIs (or minimum-detail PPIs): These PPIs are issued by banks and non-banks after obtaining minimum details of the PPI holder.
Detailed explanation-4: -PPIs are instruments that facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored therein.
Detailed explanation-5: -The Reserve Bank of India (RBI) issued directions on Jun 20, 2022, for all non-bank Prepaid Payment Instrument (PPI) issuers to stop loading their PPIs through credit lines. This was aimed at the availability of several PPI credit-linked products offered in partnership with the banks and NBFCs.