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      Question

      What are the conditions under which a system provider

      can make changes to the structure or operation of a payment system as per the Payment and Settlement Systems Act?
      A With prior approval of the Reserve Bank and a 15-day notice to system participants Correct Answer Incorrect Answer
      B With prior approval of the Reserve Bank and a 30-day notice to system participants Correct Answer Incorrect Answer
      C With prior approval of the Reserve Bank only, no notice required Correct Answer Incorrect Answer
      D Without Reserve Bank approval but with a 30-day notice to system participants Correct Answer Incorrect Answer
      E Without Reserve Bank approval or notice to system participants Correct Answer Incorrect Answer

      Solution

      Section 11. Notice of change in the payment system.β€”(1) No system provider shall cause any change in the system which would affect the structure or the operation of the payment system withoutβ€” (a) the prior approval of the Reserve Bank; and (b) giving notice of not less than thirty days to the system participants after the approval of the Reserve Bank: Provided that in the interest of monetary policy of the country or in public interest, the Reserve Bank may permit the system provider to make any changes in a payment system without giving notice to the system participants under clause (b) or requiring the system provider to give notice for a period longer than thirty days.

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