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      Question

      Under which Act is payment system regulation primarily

      governed in India?
      A Banking Regulation Act, 1949 Correct Answer Incorrect Answer
      B Reserve Bank of India Act, 1934 Correct Answer Incorrect Answer
      C Payment and Settlement Act, 2007 Correct Answer Incorrect Answer
      D Securities and Exchange Board of India Act, 1992 Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      Payment system regulation in India is primarily governed by the Payment and Settlement Systems Act, 2007. This Act empowers the Reserve Bank of India to oversee payment systems, ensuring their efficiency, security, and stability. It enables the RBI to issue guidelines and regulations to promote smooth payment transactions and protect user interests. 

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