Election Day- Use Code DEMOCRACY24

Register Now

RBI releases Draft for Self-Regulatory Body for Payment System Operators

Published on August 20, 2020
Current Context: The Reserve Bank of India has released a draft framework which will offer a grant of recognition to association of industry to be termed as Self-Regulatory Organisation (SRO) for Payment System Operators (PSO).
RBI releases Draft for Self-Regulatory Body for Payment System Operators
  • SRO will be responsible to frame and enforce rules for PSO in order to protect customers and promote ethics, quality and professionalism.
  • As per RBI, it is mandatory to develop industry standards and norms related to system security, pricing practices, protection of customer, to solve grievances and have redressal mechanisms. 
  • This draft framework will offer systematic regulatory resources which will be developed by industry and will thus encourage and promote better compliance. 
  • SRO will act as a two way communication channel between PSOs and RBI and in case of any violations, SRO will report to RBI.
  • The SRO will be set up under the Companies Act. 
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who among the following has to release a draft to set up Self-Regulatory Body for Payment System Operators?
a. IRDAI
b. NITI Aayog
c. RBI
d. NABARD
ebook store

About us

ramandeep singh

Ramandeep Singh, your guide to banking and insurance exams. With 14 years of experience and 5000+ selections, Ramandeep understands the path to success, having transitioned himself from Dena Bank and SBI. He's passionate about helping you achieve your banking and insurance dreams.

  • Follow me:
Close Menu
Close Menu