Question

The RBI removed the prior approval requirement for non-bank entities (fintechs) to form tie-up arrangements enabling outward remittance services through banks. Under which previous framework was such approval mandated? 

A FEMA, 1999
B RBI Operating Framework, 2016
C Banking Regulation Act, 1949
D Foreign Exchange Management Act, 2015
E Payment and Settlement Systems Act, 2007
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