CURRENT AFFAIRS

Detailed explanation-1: -1.1. The Reserve Bank of India (RBI), as the regulator of payment and settlement systems in the country, sets the necessary regulatory framework, through a consultative process, to ensure that different types of payment systems operate in the country to meet the various payment needs in the economy.

Detailed explanation-2: -In India, the payment and settlement systems are regulated by the Payment and Settlement Systems Act, 2007 (PSS Act) which was legislated in December 2007. The PSS Act as well as the Payment and Settlement System Regulations, 2008 (PSS Regulations) framed thereunder came into effect from August 12, 2008.

Detailed explanation-3: -Please refer to the Statement on Developmental and Regulatory Policies dated August 6, 2020 wherein Reserve Bank of India (RBI) had announced introduction of Positive Pay System for Cheque Truncation System (CTS). 2.

Detailed explanation-4: -The Registrars Association of India (RAIN) a self regulatory organisation for registrars to an issue and share transfer agents has been set up.

Detailed explanation-5: -A self-regulatory organization (SRO) is an entity such as a non-governmental organization, which has the power to create and enforce stand-alone industry and professional regulations and standards on its own.