Question

Q25) Consider the recommendations of the Ratan Watal committee for digital payments:

1. It has suggested inter-operability of payments system between banks and non-banks, up-gradation of digital payment infrastructure and institutions.

2. It has vested the regulation of payments and settlements with the RBI.

Identify the correct statement(s)

• A. a) 1 only
• B. b) 2 only
• C. c) Both 1 and 2
• D. d)None

Answer 1

The correct option is A

a) 1 only

Answer 25: A

Explanation: It has suggested inter-operability of payments system between banks and non-banks, up-gradation of digital payment
infrastructure and institutions.
It has proposed to make regulation of payments independent from the function of central banking(RBI) to give the entire digital
payments boost.
Give Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) independent statutory status within overall structure of RBI.
Called for amendments to the Payments and Settlement Systems Act, 2007 to provide BPSS explicit mandate for competition and
innovation, consumer protection, open access and interoperability, regulations on systemic risks and data protection.