Discussion
As per PSS Act 2007 no person other than the _____ can commence or operate a payment system in India.
Answer: C
Correct answer: Reserve Bank of India
Section 4 of the Payment and Settlement Systems Act 2007 provides that no person other than the Reserve Bank may commence or operate a payment system except under an authorisation issued by the Reserve Bank. The National Payments Corporation of India operates UPI, IMPS and the rest under exactly such an authorisation; it derives its standing from the Reserve Bank rather than independently of it.
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