21. The Banking Payment and Settlement Systems Act, 2007 applies to all entities operating payment systems, regardless of whether they are regulated by the Reserve Bank of India or not. True or False?
22. Which section of the Banking Payment and Settlement Systems Act, 2007 deals with the power to suspend or cancel the authorization of payment systems operators?
a) Section 9
b) Section 12
c) Section 16
d) Section 21
23. What is the minimum net worth requirement for entities seeking authorization to operate a payment system under the Banking Payment and Settlement Systems Act, 2007?
a) Rs. 1 crore
b) Rs. 10 crore
c) Rs. 50 crore
d) Rs. 100 crore
24. The Banking Payment and Settlement Systems Act, 2007 prohibits the issuance of payment instruments without authorization. True or False?
25. Which section of the Banking Payment and Settlement Systems Act, 2007 deals with the power to impose penalties for non-compliance with authorization conditions?
a) Section 8
b) Section 11
c) Section 19
d) Section 22
