2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SIDBI
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RBI
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NHB
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WB
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Detailed explanation-1: -The penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007, the regulator said in a release.
Detailed explanation-2: -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-3: -All non-bank entities proposing to issue such instruments, unless otherwise specifically exempted as per the guidelines, shall seek authorization from the Reserve Bank of India, under the Payment and Settlement System Act 2007.
Detailed explanation-4: -The Reserve Bank of India (RBI) has, by an order dated October 17, 2022, imposed a monetary penalty of ₹6 lakh (Rupees Six lakh only) on The Pratap Co-operative Bank Ltd., Mumbai (the bank) for non-compliance with certain provisions of the ‘Reserve Bank of India – (Know Your Customer (KYC)) Direction, 2016’.