6. The Banking Payment and Settlement Systems Act, 2007 prohibits unauthorized access to payment systems and provides penalties for such offenses. True or False?
7. Who can apply for authorization to operate a payment system under the Banking Payment and Settlement Systems Act, 2007?
a) Individuals
b) Companies
c) Banks
d) All of the above
8. What is the maximum penalty for non-compliance with the provisions of the Banking Payment and Settlement Systems Act, 2007?
a) Rs. 5,000
b) Rs. 10,000
c) Rs. 1,00,000
d) Rs. 5,00,000
9. Which section of the Banking Payment and Settlement Systems Act, 2007 deals with the powers of the Reserve Bank of India to issue regulations and guidelines?
a) Section 8
b) Section 12
c) Section 16
d) Section 20
10. Under the Banking Payment and Settlement Systems Act, 2007, the Reserve Bank of India can revoke the authorization to operate a payment system if it is in the public interest. True or False?
