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TOTAL QUESTION: 30
TOTAL TIME= 30 MIN
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Your results are here!! for" Payment and Settlement Systems Act, 2007 "
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Question 1 of 30
1. Question
When did the Payment and Settlement Systems Act, 2007 receive Presidential assent?
Correct
The PSS Act, 2007 received Presidential assent on 20 December 2007.
Incorrect
The PSS Act, 2007 received Presidential assent on 20 December 2007.
Unattempted
The PSS Act, 2007 received Presidential assent on 20 December 2007.
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Question 2 of 30
2. Question
When did the Payment and Settlement Systems Act, 2007 come into effect?
Correct
The Act came into effect on 12 August 2008.
Incorrect
The Act came into effect on 12 August 2008.
Unattempted
The Act came into effect on 12 August 2008.
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Question 3 of 30
3. Question
Which institution is the main authority responsible for regulating and supervising payment systems under the PSS Act?
Correct
The Reserve Bank of India is the authority responsible for payment systems under the Act.
Incorrect
The Reserve Bank of India is the authority responsible for payment systems under the Act.
Unattempted
The Reserve Bank of India is the authority responsible for payment systems under the Act.
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Question 4 of 30
4. Question
Which board is formed within the RBI under the PSS Act?
Correct
The Act provides for the Payments Regulatory Board within the RBI.
Incorrect
The Act provides for the Payments Regulatory Board within the RBI.
Unattempted
The Act provides for the Payments Regulatory Board within the RBI.
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Question 5 of 30
5. Question
Which of the following is a key objective of the PSS Act, 2007?
Correct
The Act provides a legal framework for regulation and supervision of payment systems in India.
Incorrect
The Act provides a legal framework for regulation and supervision of payment systems in India.
Unattempted
The Act provides a legal framework for regulation and supervision of payment systems in India.
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Question 6 of 30
6. Question
How many regulations are stated in the provided material as having been framed under the PSS Act?
Correct
The provided material identifies two regulations framed under the Act.
Incorrect
The provided material identifies two regulations framed under the Act.
Unattempted
The provided material identifies two regulations framed under the Act.
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Question 7 of 30
7. Question
When did the Payment and Settlement Systems Regulations, 2008 come into effect?
Correct
The Payment and Settlement Systems Regulations, 2008 came into effect on 12 August 2008.
Incorrect
The Payment and Settlement Systems Regulations, 2008 came into effect on 12 August 2008.
Unattempted
The Payment and Settlement Systems Regulations, 2008 came into effect on 12 August 2008.
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Question 8 of 30
8. Question
When did the Payments Regulatory Board Regulations, 2025 come into effect?
Correct
The Payments Regulatory Board Regulations, 2025 came into effect on 20 May 2025.
Incorrect
The Payments Regulatory Board Regulations, 2025 came into effect on 20 May 2025.
Unattempted
The Payments Regulatory Board Regulations, 2025 came into effect on 20 May 2025.
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Question 9 of 30
9. Question
Which subject is covered by the Payments Regulatory Board Regulations, 2025?
Correct
The 2025 Regulations cover the structure and composition of the Payments Regulatory Board, among other matters.
Incorrect
The 2025 Regulations cover the structure and composition of the Payments Regulatory Board, among other matters.
Unattempted
The 2025 Regulations cover the structure and composition of the Payments Regulatory Board, among other matters.
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Question 10 of 30
10. Question
Which regulation covers application procedures for authorization of payment systems?
Correct
The Payment and Settlement Systems Regulations, 2008 cover application procedures for authorization.
Incorrect
The Payment and Settlement Systems Regulations, 2008 cover application procedures for authorization.
Unattempted
The Payment and Settlement Systems Regulations, 2008 cover application procedures for authorization.
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Question 11 of 30
11. Question
What does a payment obligation represent in a payment system?
Correct
A payment obligation is what one participant owes another as a result of clearing or settlement of relevant transactions.
Incorrect
A payment obligation is what one participant owes another as a result of clearing or settlement of relevant transactions.
Unattempted
A payment obligation is what one participant owes another as a result of clearing or settlement of relevant transactions.
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Question 12 of 30
12. Question
What is a payment instruction under the PSS Act?
Correct
A payment instruction is an order or authorization, manual or electronic, to make a payment.
Incorrect
A payment instruction is an order or authorization, manual or electronic, to make a payment.
Unattempted
A payment instruction is an order or authorization, manual or electronic, to make a payment.
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Question 13 of 30
13. Question
Settlement of payment instructions may take place on which basis?
Correct
Settlement may occur on either a net basis or a gross basis.
Incorrect
Settlement may occur on either a net basis or a gross basis.
Unattempted
Settlement may occur on either a net basis or a gross basis.
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Question 14 of 30
14. Question
What does a payment system provide between a payer and beneficiary?
Correct
A payment system enables payments by providing clearing, payment, or settlement services.
Incorrect
A payment system enables payments by providing clearing, payment, or settlement services.
Unattempted
A payment system enables payments by providing clearing, payment, or settlement services.
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Question 15 of 30
15. Question
Which of the following is specifically excluded from the definition of payment system in the provided material?
Correct
The provided material states that stock exchanges are excluded from the definition of payment system.
Incorrect
The provided material states that stock exchanges are excluded from the definition of payment system.
Unattempted
The provided material states that stock exchanges are excluded from the definition of payment system.
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Question 16 of 30
16. Question
An entity performing clearing, settlement, or payment functions is treated as a:
Correct
An entity performing these functions is treated as a system provider.
Incorrect
An entity performing these functions is treated as a system provider.
Unattempted
An entity performing these functions is treated as a system provider.
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Question 17 of 30
17. Question
Under Section 4, who must authorize the operation of a payment system?
Correct
RBI authorization is required to operate a payment system.
Incorrect
RBI authorization is required to operate a payment system.
Unattempted
RBI authorization is required to operate a payment system.
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Question 18 of 30
18. Question
What form is required for an application to start a payment system, according to the provided material?
Correct
Applicants must apply using Form A along with the required documents and fee.
Incorrect
Applicants must apply using Form A along with the required documents and fee.
Unattempted
Applicants must apply using Form A along with the required documents and fee.
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Question 19 of 30
19. Question
What is the stated application fee for authorization of a payment system, excluding GST?
Correct
The provided material states an authorization application fee of ₹10,000 plus GST.
Incorrect
The provided material states an authorization application fee of ₹10,000 plus GST.
Unattempted
The provided material states an authorization application fee of ₹10,000 plus GST.
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Question 20 of 30
20. Question
Can foreign entities operate payment systems in India according to the provided material?
Correct
Foreign entities can operate payment systems in India, but they must obtain RBI authorization.
Incorrect
Foreign entities can operate payment systems in India, but they must obtain RBI authorization.
Unattempted
Foreign entities can operate payment systems in India, but they must obtain RBI authorization.
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Question 21 of 30
21. Question
Which of the following is listed as an example of a foreign entity operating a payment system?
Correct
The provided material lists VISA, MasterCard, Western Union and MoneyGram as examples.
Incorrect
The provided material lists VISA, MasterCard, Western Union and MoneyGram as examples.
Unattempted
The provided material lists VISA, MasterCard, Western Union and MoneyGram as examples.
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Question 22 of 30
22. Question
What does FMI stand for in the context of financial market infrastructure?
Correct
FMI stands for Financial Market Infrastructure.
Incorrect
FMI stands for Financial Market Infrastructure.
Unattempted
FMI stands for Financial Market Infrastructure.
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Question 23 of 30
23. Question
What international standards are stated as governing Financial Market Infrastructures?
Correct
Financial Market Infrastructures are governed by international standards called Principles for Financial Market Infrastructures (PFMIs).
Incorrect
Financial Market Infrastructures are governed by international standards called Principles for Financial Market Infrastructures (PFMIs).
Unattempted
Financial Market Infrastructures are governed by international standards called Principles for Financial Market Infrastructures (PFMIs).
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Question 24 of 30
24. Question
Which factor does RBI consider before granting authorization for a payment system?
Correct
The RBI examines factors including technical design and standards before granting authorization.
Incorrect
The RBI examines factors including technical design and standards before granting authorization.
Unattempted
The RBI examines factors including technical design and standards before granting authorization.
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Question 25 of 30
25. Question
Within what period does RBI aim to decide applications for authorization, according to the provided material?
Correct
The provided material states that RBI aims to decide applications within six months.
Incorrect
The provided material states that RBI aims to decide applications within six months.
Unattempted
The provided material states that RBI aims to decide applications within six months.
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Question 26 of 30
26. Question
If RBI refuses authorization, what must it provide according to the provided material?
Correct
RBI may refuse authorization but must provide written reasons and an opportunity for hearing.
Incorrect
RBI may refuse authorization but must provide written reasons and an opportunity for hearing.
Unattempted
RBI may refuse authorization but must provide written reasons and an opportunity for hearing.
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Question 27 of 30
27. Question
Within how many days may an appeal against refusal or revocation be made to the Central Government?
Correct
The provided material states that appeals may be made to the Central Government within 30 days.
Incorrect
The provided material states that appeals may be made to the Central Government within 30 days.
Unattempted
The provided material states that appeals may be made to the Central Government within 30 days.
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Question 28 of 30
28. Question
What may RBI inspect when exercising its inspection powers over system providers?
Correct
RBI can inspect premises, equipment, systems, documents, and electronic records.
Incorrect
RBI can inspect premises, equipment, systems, documents, and electronic records.
Unattempted
RBI can inspect premises, equipment, systems, documents, and electronic records.
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Question 29 of 30
29. Question
What is the effect of settlement finality under the PSS Act as described in the material?
Correct
Once settlement becomes final, it cannot be reversed and insolvency proceedings cannot undo it.
Incorrect
Once settlement becomes final, it cannot be reversed and insolvency proceedings cannot undo it.
Unattempted
Once settlement becomes final, it cannot be reversed and insolvency proceedings cannot undo it.
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Question 30 of 30
30. Question
If a participant is dissatisfied after a system‘s dispute panel process, to whom may the dispute be referred?
Correct
The material states that disputes may be referred to RBI, whose decision is final, subject to the stated exception where RBI itself is a party.
Incorrect
The material states that disputes may be referred to RBI, whose decision is final, subject to the stated exception where RBI itself is a party.
Unattempted
The material states that disputes may be referred to RBI, whose decision is final, subject to the stated exception where RBI itself is a party.