BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which section of PSS Act, 2007 defines a payment system?
|
|
Section 1
|
|
|
Section 2(3)
|
|
|
Section 2(1)
|
|
|
Section 3(1)
|
Explanation:
Detailed explanation-1: -s (2) Where the rules providing for the operation of a payment system indicates a procedure for the distribution of losses between the system participants and the payment system, such procedure shall have effect notwithstanding anything to the contrary ontained in any other law for the time being in force.
Detailed explanation-2: -(2) The Reserve Bank may, for the purposes of exercising the powers and performing the functions and discharging the duties conferred on it by or under this Act, by regulation, constitute a committee of its Central Board to be known as the Board for Regulation and Supervision of Payment and Settlement Systems.
There is 1 question to complete.