CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has released the framework for geo-tagging of payment system touchpoints. The framework is part of the central bank’s focus for deepening digital payments and providing inclusive access to all citizens of the country.

Detailed explanation-2: -Last week, the Reserve Bank of India issued a framework for geo-tagging of payment system touchpoints, which simply means capturing the geographical coordinates (latitude and longitude) of various touchpoints deployed by merchants to receive payments from their customers.

Detailed explanation-3: -What is Geo-tagging of payment system touchpoints? Geo-tagging refers to the process of adding geographical identification to a media based on the location of smartphones or GPS-enabled electronic devices. Geo-tags can be applied to media such as photos, videos, websites, text messages and QR codes.

Detailed explanation-4: -The correct answer is Mastercard. The Reserve Bank of India (RBI) has imposed restrictions on Mastercard Asia/Pacific Pte. Ltd. (Mastercard) from onboarding new domestic customers (debit, credit, or prepaid) onto its card network from July 22, 2021.

Detailed explanation-5: -Q. Which payments bank has been granted the status of a Scheduled bank by the Reserve Bank of India (RBI)? Notes: The Reserve Bank of India (RBI) has recently granted the status of a scheduled bank to Airtel Payments Bank.