Discussion
The payment and settlement systems in India is regulated as per which act?
Answer: B
Correct answer: Payment and Settlement Systems Act, 2007
The Payment and Settlement Systems Act 2007 gives the Reserve Bank the authority to regulate and supervise payment systems in India, and everything from RTGS and NEFT to card networks and UPI operates under it. The Reserve Bank of India Act 1934 constitutes the central bank itself, and the Banking Regulation Act 1949 governs banks as institutions - a distinction worth keeping clear.
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