With reference to the card payment network companies, consider the following statements:1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?

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With reference to the card payment network companies, consider the following statements:

1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.

2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.

Which of the statements given above is/are correct?

a)
1 only
b)
2 only
c)
Both 1 and 2
d)
Neither 1 nor 2

Correct answer is option 'D'. Can you explain this answer?

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With reference to the card payment network companies, consider the fol...

The Reserve Bank of India has so far barred three foreign card payment network companies — Mastercard, American Express and Diners Club — from taking new customers on board over the issue of storing data in India.

By the RBI circular on Storage of Payment System Data dated April 6, 2018, all system providers were directed to ensure that within six months the entire data (full end-to-end transaction details, information collected or carried or processed as part of the message or payment instruction) relating to payment systems operated by them is stored in a system only in India.
They were also required to report compliance to the RBI and submit a board-approved system audit report conducted by a CERT-In empanelled auditor within the timelines specified.
However, credit and card firms with global operations have been resisting the move, citing costs, security risk, lack of clarity, timeline, and the possibility of data localisation demand from other countries.
Firms such as Mastercard, Visa and National Payment Corporation of India (NPCI) are Payment System Operators authorised to operate a card network in India under the Payment and Settlement Systems (PSS) Act, 2007.
Under the Act, the RBI is the authority for the regulation and supervision of payment systems in India. The RBI’s payment system enables payments to be effected between a payer and a beneficiary and involves the process of clearing, payment or settlement, or all of them.

Hence both statements are incorrect.

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With reference to the card payment network companies, consider the following statements:1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?

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With reference to the card payment network companies, consider the following statements:1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the card payment network companies, consider the following statements:1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the card payment network companies, consider the following statements:1. The Reserve Bank of India has barred all foreign card payment network companies from taking new customers on board over the issue of storing data in India.2. Under the Payment and Settlement Systems (PSS) Act, 2007 the Union Ministry of Finance is the authority for the regulation and supervision of payment systems in India.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.

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