- The main reason behind its being sanctioned was imposed on Russia as a result global card networks stopped processing transactions in Russia.
- Central banks globally have started making efforts to ring-fence their domestic payment systems like China has already implemented China Union Pay and Saudi Arabia with its MADA systems.
- Currently, there is no bar on the processing of payment transactions outside India.
- Now the RBI wants to ring-fence India’s domestic payment systems.
- RBI also has guidelines in place for the domestic storage of payment data.
- Besides, Banks and non-bank PSOs are allowed to process payment transactions abroad subject to certain conditions.
- A recent geopolitical crisis reveals that the banking and financial services industries are highly vulnerable to not only cyberattacks but also sanctions.
Question:
Q.1 Consider the following statements regarding the domestic processing of payment transactions.A.In India there are no guidelines for domestic storage of payment data
B.The main objective of domestic payment fencing is to save from cyber attacks
C.There is a limit on the processing of payments outside India.
Select the correct option given below
a. Only B
b. Both A & C
c. All of the above
d. Both A & B
