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      Question

      Any person desirous of commencing or carrying on a

      payment system may apply to the ………………for an authorisation under this Act
      A Central Government Correct Answer Incorrect Answer
      B Reserve Bank Correct Answer Incorrect Answer
      C SEBI Correct Answer Incorrect Answer
      D Ministry of Corporate Affairs Correct Answer Incorrect Answer
      E Registrar Correct Answer Incorrect Answer

      Solution

      Section 5 of Payment and Settlement Systems Act Application for authorisation— (1) Any person desirous of commencing or carrying on a payment system may apply to the Reserve Bank for an authorisation under this Act. (2) An application under sub-section (1) shall be made in such form and in such manner and shall be accompanied by such fees as may be prescribed.

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