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With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:
1. An offline digital payment does not require Internet or telecom connectivity.
2. There is a limit of ₹200 per transaction and an overall limit of ₹2,000 until the balance in the account is replenished.
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 'C'. Can you explain this answer?
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With reference to the Reserve Bank of India (RBI) framework for facili...
The Reserve Bank of India (RBI) has come out with the framework for facilitating small-value digital payments in offline mode, a move that would promote digital payments in semi-urban and rural areas.
- The framework incorporates feedback received from the pilot experiments on offline transactions conducted in different parts of the country between September 2020 and June 2021.
- An offline digital payment does not require Internet or telecom connectivity.
- Under this new framework, such payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets and mobile devices.
- Such transactions would not require an Additional Factor of Authentication. Since the transactions are offline, alerts (by way of SMS and / or e-mail) will be received by the customer after a time lag.
- There is a limit of ₹200 per transaction and an overall limit of ₹2,000 until the balance in the account is replenished. The RBI said the framework took effect ‘immediately’.
- Hence both statements are correct.
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With reference to the Reserve Bank of India (RBI) framework for facili...
Explanation:
Statement 1: An offline digital payment does not require Internet or telecom connectivity.
- This statement is correct. The RBI framework for facilitating small-value digital payments in offline mode allows for transactions to be conducted without the need for Internet or telecom connectivity.
- This offline mode of payment enables individuals to make payments using their mobile phones or other devices even in areas with poor network coverage.
Statement 2: There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.
- This statement is also correct. The RBI has set a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.
- This limit ensures that small-value transactions can be conducted securely in the offline mode without the risk of large amounts being transacted without connectivity to verify the transaction.
Conclusion:
- Both statements 1 and 2 are correct as per the RBI framework for facilitating small-value digital payments in offline mode. This framework aims to promote digital payments and financial inclusion by providing a convenient and secure way for individuals to make transactions even in areas with limited Internet connectivity.
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With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer?
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With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer?.
With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Reserve Bank of India (RBI) framework for facilitating small-value digital payments in offline mode, consider the following statements:1. An offline digital payment does not require Internet or telecom connectivity.2. There is a limit of 200 per transaction and an overall limit of 2,000 until the balance in the account is replenished.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 'C'. Can you explain this answer?.
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