Current Affairs · Payment and Settlement Systems Act Offences
Based on the framework issued by the Reserve Bank of India regarding the Payment and Settlement Systems (PSS) Act, 2007, consider the following statements regarding the list of offences punishable under Section 26: 1. Operating a payment system without RBI authorization, or violating the conditions of such authorization, is classified as an offence. 2. Non-compliance with net worth requirements, KYC/AML violations, and escrow breaches are dealt with purely through minor administrative censures without criminal penal provisions. 3. Disclosure of prohibited information under Section 22 of the PSS Act is explicitly exempt from penal provisions. Which of the statements given above is/are correct?
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1 only
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