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

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

[A] to provide for the regulation and supervision of payment systems
[B] to designate RBI as the authority
[C] matters connected therewith or incidental thereto
[D] All of the above

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2. What does a “bank” means in Payment and Settlement Systems Act, 2007, unless the context otherwise requires?

[A] a bank included in the Second Schedule to the RBI Act
[B] a post office savings bank
[C] a banking company as defined in clause c of section 5, of the Banking Regulation Act
[D] all of the above

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

[A] an instrument, to be settled at a future date
[B] a payment, to be settled at a future date
[C] an instrument, that has already got settled
[D] None of the above

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

[A] Section 1
[B] Section 2(3)
[C] Section 2(1)
[D] Section 3(1)

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

[A] clearing
[B] payment
[C] settlement service
[D] All of the above

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6. When did Payment and Settlement Systems Act, 2007 (PSS Act, 2007) came into force?

[A] 12th August 2008
[B] 12th September 2008
[C] 12th August 2009
[D] 12th December 2007

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7. Which of the following Regulations is made under the PSS Act, 2007?

[A] Board for Regulation
[B] Supervision of Payment and Settlement Systems Regulations
[C] Survey Board of Regulation
[D] Both 1 and 2

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8. What is a “Payment Obligation”?

[A] ontractual obligations of bank to pay an amount owed to another bank
[B] contractual obligations of a Person to pay an amount owed to another
[C] obligations of a Person to pay an amount distributed in a group
[D] none of the above

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9. What is a “Settlement”?

[A] settlement of payment instructions which bank has send
[B] settlement of refunds
[C] settlement of payment instructions received
[D] none of the above

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10. What are benefits of Financial Market Infrastructures?

[A] purposes of clearing
[B] ecording payments
[C] financial transactions
[D] all of the above

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