Discussion
Which of the following undertakes the Oversight function of the payment and settlement systems in India?
Answer: B
Correct answer: RBI
Oversight of payment and settlement systems is a statutory function of the Reserve Bank under the Payment and Settlement Systems Act 2007, covering authorisation, regulation, supervision and the setting of standards. NPCI is one of the entities overseen, operating retail systems under an authorisation the Reserve Bank granted; it is an operator, not a regulator.
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