Q1 · UPPSC current affairs · 15 September 2026 · News · Payment and Settlement Systems Act Zero MDR Rules

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English हिंदी

Consider the following statements regarding the Payment and Settlement Systems Act, 2007:1.The Act empowers the Ministry of Finance as the primary payment regulator in India.2.The recent government notification bars bank charges on digital transactions up to Rs 2,000 via UPI and RuPay debit cards.Which of the statements given above is/are correct?

A 1 only

B 2 only

C Both 1 and 2

D Neither 1 nor 2

Correct answer: (b) 2 only

Explanation

Statement 1 is incorrect because the Payment and Settlement Systems Act, 2007 empowers the Reserve Bank of India (RBI), not the Ministry of Finance, as the primary payment regulator. Statement 2 is correct as changes notified under this Act bar bank charges on digital transactions up to Rs 2,000 via UPI and RuPay debit cards.

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2025 · Q40 · UPPGS
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