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What is the time period given by Reserve Bank of India (RBI) to the banks and non-bank entities to make their digital wallets/prepaid payment instruments (PPIs), interoperable through the Unified Payments Interface (UPI)?
  • a)
    6 months
  • b)
    8 months
  • c)
    10 months
  • d)
    12 months
  • e)
    24 months
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
What is the time period given by Reserve Bank of India (RBI) to the ba...
Answer 1. 6 months
Explanation: Reserve Bank of India (RBI) instructed banks and non-bank entities to make their digital wallets/prepaid payment instruments (PPIs), interoperable through the Unified Payments Interface (UPI) within six months.
As per RBI’s master directions, in the first phase, all PPIs that are Know Your Customer (KYC)-compliant should be made interoperable amongst themselves through UPI.
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