Current Context: The Reserve Bank of India has come up with a new framework with some changes in monitoring structure of Financial Market Infrastructure (FMI) and Retail Payment System (RPS).
- The new changes in FMI and RPS will result in ensuring more security and stability of the payment structure.
- The new set of terms will treat NPCI and NEFT as FMIs. Now, NPCI will also have to reveal self-assessment of its compliance on an annual basis and distribute data of systems operated by it on monthly, quarterly and half-yearly basis as a part of the audit and onsite inspections by RBI.
- Now, NPCI will also be designated as ‘System-Wide Important Payment System (SWIPS)’.
- Whereas, Visa and MasterCard will now also be under the increased regulatory supervision of RBI.
- Thus the new framework will increase transparency in surveillance and will improve regulatory compliance of payment system operator and will also increase customer awareness and will enhance their trust in the banking system as well.
- Static Part:
- HQ of RBI: Mumbai
- Governor of RBI: Shaktikanta Das
Question:
Q.1 Recently RBI has released a new set of framework for which of the following?
a. Prudential norms on Income recognition
b. Financial Market Infrastructure
c. Retail Payment System
d. Both (b) and (c)
a. Prudential norms on Income recognition
b. Financial Market Infrastructure
c. Retail Payment System
d. Both (b) and (c)
