Consider the following differences between Closed System Payment Instruments and Open System Payment Instruments:

  1. While the Open System Payment Instruments permit cash withdrawal, Closed System Payment Instruments do not permit cash withdrawal
  2. While the Open System Payment Instruments can be issued only by RBI, Closed System Payment Instruments can be issued by NBFC and other entities

    Which of the above statements is/are correct?

Answer: [C] Both 1 & 2

Both are correct statements

This question is a part of GKToday's Integrated IAS General Studies Module