Here are some MCQs on Payment and Settlement Systems Act, 2007
1. When did the Banking Payment and Settlement Systems Act, 2007 come into effect?
a) 2005
b) 2006
c) 2007
d) 2008
2. Which regulatory body oversees the implementation of the Banking Payment and Settlement Systems Act, 2007?
b) Securities and Exchange Board of India
c) Ministry of Finance
d) Indian Banks’ Association
3. The Banking Payment and Settlement Systems Act, 2007 provides a legal framework for which of the following systems?
a) Automated Teller Machines (ATMs)
b) Credit Card Transactions
c) Remittances
d) All of the above
4. Which section of the Banking Payment and Settlement Systems Act, 2007 deals with the regulation of payment systems in India?
a) Section 3
b) Section 7
c) Section 10
d) Section 15
5. Which of the following is NOT a payment system regulated under the Banking Payment and Settlement Systems Act, 2007?
a) Real Time Gross Settlement (RTGS)
b) National Electronic Funds Transfer (NEFT)
c) United Payment Interface (UPI)
d) Small Value Payment Systems (SVPS)
