2021
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mobikwik
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Airtel Payments Bank
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Bajaj Finance
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Paytm
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Detailed explanation-1: -The move is part of Bajaj Finance’s broader strategy to expand its digital offerings. RBI has granted authorization to the Company for issuance and operation of semi-closed Prepaid Payment Instruments with perpetual validity.
Detailed explanation-2: -One of the examples of semi-closed PPI is the Paytm wallet.
Detailed explanation-3: -Ans. PPIs can be issued by banks and non-banks. Banks can issue PPIs after obtaining approval from RBI. The non-bank PPI issuers are companies incorporated in India and registered under the Companies Act, 1956 / 2013.
Detailed explanation-4: -LivQuik becomes the first fintech to achieve RBI’s PPI interoperability guidelines. LivQuik, a prepaid payment instrument issuer, announced on Friday that it has achieved full interoperability for its Prepaid Payment Instruments, as mandated by the RBI.
Detailed explanation-5: -2.5 Semi-Closed System Payment Instruments: These are payment instruments which are redeemable at a group of clearly identified merchant locations/ establishments which contract specifically with the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or redemption by the holder.