BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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NABARD
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TRAI
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IRDAI
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RBI
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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: -The RBI has explicitly declared that all PPIs should be loaded only via banking instruments e.g., account transfers, debit cards, credit cards. As such, the RBI has now clearly barred the loading of PPIs through credit lines issued by non-banking entities.
Detailed explanation-3: -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-4: -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-5: -LivQuik becomes the first fintech to achieve RBI’s PPI interoperability guidelines. LivQuik, a prepaid payment instrument issuer, announced on Friday that it has achieved full interoperability for its Prepaid Payment Instruments, as mandated by the RBI.