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.
Same topic · past papers
UPSC has asked this before
These previous-year questions sit on the same topic. Open one to practise the earlier ask.
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2026 · Q99 · General Studies · 2 marks
Consider the following statements about the Non-Banking Financial Companies (NBFCs) in India: 1. NBFCs cannot accept demand deposits. 2. All the NBFCs operating in India have to be registered with the RBI. 3. NBFCs form part of the payment and settlement system and can issue cheque drawn on itself. 4. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to the depositors of deposit taking NBFCs. Which of the statements given above is/are correct? -
2019 · Q87 · General Studies · 2 marks
Consider the following statements: The Reserve Bank of India's recent directives relating to 'Storage of Payment System Data', popularly known as data diktat, command the payment system providers that 1. they shall ensure that entire data relating to payment systems operated by them are store in a system only in India -
2026 · Q17 · General Studies · 2 marks
Consider the following statements regarding the British policy in Awadh immediately after its annexation in 1856: 1. The taluqdars were dispossessed of their estates but allowed to retain their arms and forts. 2. A Summary Revenue Settlement was made in 1856 assuming that the taluqdars were outsiders. 3. The British believed in taking revenue directly from the peasants by removing the taluqdars. Which of the statements given above is/are correct? -
2025 · Q68 · General Studies · 2 marks
Consider the following statements in respect of RTGS and NEFT : I. In RTGS, the settlement time is instantaneous while in case of NEFT, is takes some time to settle payments. II. In RTGS, the customer is charged for inward transactions while that is not the case for NEFT. III. Operating hours for RTGS are restricted on certain days while this is not true for NEFT. Which of the statements given above is/are correct? -
2024 · Q57 · General Studies · 2 marks
With reference to revenue collection by Cornwallis, consider the following statements : 1. Under the Ryotwari Settlement of revenue collection, the peasants were exempted from revenue payment in case of bad harvests or natural calamities. 2. Under the Permanent Settlement in Bengal, if the Zamindar failed to pay his revenues to the state, on or before the fixed date, he would be removed from his Zamindari. Which of the statements given above is/are correct ?