Economics · Payment Systems and Banking
Consider the following statements: Statement-I: The ability of a customer to use an Automated Teller Machine (ATM) of one bank for cash withdrawal through a card issued by another bank is an instance of interoperability in payment systems. Statement-II: The Reserve Bank of India is the statutory authority for regulation and supervision of payment systems under the Payment and Settlement Systems Act, 2007. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement-I is incorrect but Statement-II is correct
- 2Statement-I is correct but Statement-II is incorrect
- 3Both Statement-I and Statement-II are correct but Statement-II is not the correct explanation for Statement-I✓
- 4Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I
Correct answer
Both Statement-I and Statement-II are correct but Statement-II is not the correct explanation for Statement-I
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