RBI has issued guidelines for voluntary surrender of license by PSOs under the PSS Act. What does the latter stand for

2016

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

A	Payment Settlement Systems Act
B	Payment and Settlement Systems Act
C	Settlement Systems Act
D	Payment Systems Act

Explanation:

Detailed explanation-1: -The PSS Act as well as the Payment and Settlement System Regulations, 2008 (PSS Regulations) framed thereunder came into effect from August 12, 2008. In terms of Section 4 of the PSS Act, no person other than RBI can commence or operate a payment system in India unless authorised by RBI.

Detailed explanation-2: -July 04, 2022. The Chairman / Managing Director / Chief Executive Officer. Bank and Non-bank Payment System Operators (PSOs)

Detailed explanation-3: -According to Section 4 of the PSS Act, only RBI has an authority to operate or commence any payment system and if any person or system providers desire to operate or commence a payment system then he has to apply for authorization from RBI under Section 5 of the Act.

Detailed explanation-4: -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.

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