48 - Payment and Settlement Systems Act, 2007

Banking Awareness Multiple Choice Questions (MCQs) and Answers with explanation on Payment and Settlement Systems Act, 2007 for IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Bank

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1).
What was the motive to bring the Payment and Settlement Systems Act, 2007 into being?
2).
What does a "bank" means in Payment and Settlement Systems Act, 2007, unless the context otherwise requires?
3).
What does “derivative” mean in Payment and Settlement Systems Act, 2007?
4).
Which section of PSS Act, 2007 defines a payment system?
5).
Which of the following is included in payment system of PSS Act?
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