48 – Payment and Settlement Systems Act, 2007

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What was the motive to bring the Payment and Settlement Systems Act, 2007 into being?

to provide for the regulation and supervision of payment systems

to designate RBI as the authority

matters connected therewith or incidental thereto

All of the above

What does a "bank" means in Payment and Settlement Systems Act, 2007, unless the context otherwise requires?

a bank included in the Second Schedule to the RBI Act

a post office savings bank

a banking company as defined in clause c of section 5, of the Banking Regulation Act

all of the above

What does “derivative” mean in Payment and Settlement Systems Act, 2007?

an instrument, to be settled at a future date

a payment, to be settled at a future date

an instrument, that has already got settled

None of the above

Which section of PSS Act, 2007 defines a payment system?

Section 1

Section 2(3)

Section 2(1)

Section 3(1)

Which of the following is included in payment system of PSS Act?

clearing

payment

settlement service

All of the above

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