📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    ⚡ Month End Offer - Flat 52% Off On All Courses! Enroll Now ⚡
    00:00:00 AM Left

    Question

    Which of the following statements accurately reflects

    the recent draft circular proposed by the Reserve Bank of India (RBI) regarding digital payments?
    A The new draft circular proposes the elimination of authentication for all transactions to simplify digital payments. Correct Answer Incorrect Answer
    B The draft circular mandates a single authentication factor for transactions under â‚ą15,000 and exempts transactions over â‚ą1 lakh from this requirement. Correct Answer Incorrect Answer
    C The RBI draft circular requires an additional authentication factor that must be dynamic and used only once, with exemptions for specific types of transactions. Correct Answer Incorrect Answer
    D The draft circular suggests that all digital payments should be processed without customer consent for new authentication factors. Correct Answer Incorrect Answer
    E The proposal includes exempting all insurance premiums from the new authentication requirements, regardless of the amount. Correct Answer Incorrect Answer

    Solution

    The RBI's draft circular aims to enhance digital-payment security by proposing an additional authentication factor that must be robust, dynamically created, and used only once. However, it exempts certain transactions, such as contactless card transactions below â‚ą5,000 and insurance premiums, from this requirement. The proposal also emphasizes the need for customer consent and outlines due diligence procedures for Aadhar-enabled Payment System (AePS) touchpoint operators, ensuring ongoing compliance with existing regulations.

    Practice Next
    More Beepedia Questions

    Relevant for Exams:

    ask-question