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?

EduRev

All Courses

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

Current Affairs Exam > Current Affairs Questions > With reference to the card payment network co...

Join the Discussion on the App

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?

FREE This question is part of

Daily Current Affairs MCQ - July 17, 2021

Attempt Test

Attempt this Test

Verified Answer

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.

View all questions of this test

View all answers Start learning for free

< Previous Question Next Question >

Explore Courses for Current Affairs exam

Similar Current Affairs Doubts

With reference to the Investor Education and Protection Fund Authority, consider the following statements:1. It has been established under Section 125 of the Companies Act 2013 for administration of the IEPF fund as per section 125 (3) of Companies Act 2013.2. It works under the administrative control of Ministry of Finance.Which of the statements given above is/are correct?

View answer

With reference to the Foreign Contribution (Regulation) Act, 2010, consider the following statements:1. Under the act, both individuals and organisations are required to register themselves every five years for accepting funds from foreign.2. It is implemented by the Ministry of Home Affairs.Which of the statements given above is/are correct?

View answer

With reference to the Union Budget 2021-22, consider the following statements:1. It is proposed to take up decriminalization of the Limited Liability Partnership (LLP) Act, 2008.2. It is proposed to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid-up capital from "not exceeding Rs 50 lakh" to "not exceeding Rs 1 crore".Which of the statements given above is/are correct?

View answer

With reference to the National Financial Reporting Authority, consider the following statements:1. It is an independent regulatory body set up under Section 132 of the Companies Act.2. It consists of one chairman, three full-time members and one secretary.Which of the statements given above is/are correct?

View answer

Consider the following statements regarding the changes to The Banking Regulation Act approved by Parliament in September 2020.1. The amended law hasbrought cooperative banks under the direct supervision of the RBI.2. Urban cooperative banks will now be treated on a par with commercial banks.3. Cooperative bank can issue equity shares, preference shares, or special shares to its memberswithout prior approval of the RBI.Which of the above statements is/are correct?

View answer

Top Courses for Current AffairsView all

Monthly Yojana & Kurukshetra Magazine (English)

Weekly Current Affairs

Daily GK & Current Affairs Tests

Daily Hindu Analysis: Video summaries

Monthly Yojana & Kurukshetra Magazine in Hindi

Top Courses for Current Affairs

View all

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?

Share with a Friend

Answer this doubt

Question Description
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?.

Solutions 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? in English & in Hindi are available as part of our courses for Current Affairs. Download more important topics, notes, lectures and mock test series for Current Affairs Exam by signing up for free.

Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of 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?, a detailed solution 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? has been provided alongside types of 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? theory, EduRev gives you an ample number of questions to practice 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? tests, examples and also practice Current Affairs tests.

Explore Courses for Current Affairs exam