CURRENT AFFAIRS

2021

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

The RBI has decided to open up which of the following Centralized Payment Systems (CPS) facilities for payment system operators?

A	Real Time Gross Settlement
B	National Electronic Fund Transfer
C	Both A and B
D	None of above

Explanation:

Detailed explanation-1: -RTGS, NEFT payment systems opened up for non-banks in phases: RBI. The Reserve Bank of India on Wednesday said that it has allowed non-banks to participate in its Centralised Payment Systems (CPS) through Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems, in a phased manner.

Detailed explanation-2: -1.1 Centralised Payment Systems (CPS) in India are Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems, both owned and operated by Reserve Bank.

Detailed explanation-3: -Bharat BillPay Cross-Border Bill Payments facility will empower and enable Non-Resident Indians (NRIs) to undertake utility, water, and telephone-related bill payments on behalf of their families in India.

Detailed explanation-4: -A payment system operator means a legal entity responsible for operating a payment system. The PSO provides services by operating on certain models. They largely outsource their payment and settlement-related activities to various other entities. Examples of PSOs include Google Pay, Amazon Pay, NPCI, Paytm etc.

There is 1 question to complete.