Question
The Reserve Bank's role in regulating the payment and settlement systems is now primarily under which Act, complementing the RBI Act?
Solution
While the RBI Act provides the foundational central banking framework, the Reserve Bank's authority over payment and settlement systems is primarily set out in the Payment and Settlement Systems Act, 2007. Under that Act, the RBI is the designated authority for the regulation and supervision of payment systems in India. This complements the RBI's broader role in the currency and credit system established under the RBI Act.
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