ECONOMICS
FEDERAL RESERVE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Roles and responsibilities
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The three functions
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System structure
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Board of governors
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Detailed explanation-1: -Payment service providers connect merchants to the broader financial system so they can accept credit and debit card payments from customers. Payment service providers connect merchants, consumers, card brand networks and financial institutions.
Detailed explanation-2: -Payment & settlement systems are mechanisms established to facilitate the clearing and settlement of monetary and other financial transactions. Secure, affordable & accessible payment systems and services promote development, support financial stability, and help expand financial inclusion.
Detailed explanation-3: -The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a sub-committee of the Central Board of the Reserve Bank of India is the highest policy making body on payment systems in the country.