With an aim to provide better services to the debit card holders, the Reserve Bank of India (RBI) has directed all commercial and public sector banks to introduce new Automated Teller Machines (ATM) that can deliver lower denomination notes such as?

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Rs 10
B	Rs. 20
C	Rs. 50
D	All of the above

Explanation:

Detailed explanation-1: -To promote the integrity, efficiency, inclusiveness and competitiveness of the financial and payments system; To ensure efficient management of currency as well as banking services to the Government and banks; and. To support the balanced, equitable and sustainable economic development of the country.

Detailed explanation-2: -The different instruments of credit control used by the Reserve Bank of India are Statutory Liquidity Ratio (SLR), Cash Reserve Ratio (CRR), the Bank Rate Policy, Selective Credit Control (SCC), Open Market Operations (OMOs).

Detailed explanation-3: -Banks must make mandatory disclosures of risks, responsibilities and liabilities of the customers in doing business through Internet through a disclosure template. The banks should also provide their latest published financial results over the net.

Detailed explanation-4: -RBI guidelines make it mandatory to replace the original card data with an encrypted digital token. Therefore from July 1, 2022, merchants will have to delete customers’ debit and credit cards’ data from their records.

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