Current Affairs · Banking Regulation & Digital Payments
The Digital Payments E-Mandate Framework, 2026 aims to streamline and standardise recurring digital payment systems while enhancing customer protection. Which of the following correctly identifies the statutory backing under which this framework was issued and its core applicability regarding payment instruments?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Issued under the Banking Regulation Act, 1949; applicable to Participants using UPI, NEFT, and RTGS for fixed amount mandates.
- 2Issued under the Payment and Settlement Systems Act, 2007; applicable exclusively to Payment System Providers using Debit Cards and Credit Cards for cross-border transactions.
- 3Issued under the Payment and Settlement Systems Act, 2007; applicable to Payment System Providers and Participants using Cards, UPI, and Prepaid Payment Instruments.✓
- 4Issued under the Foreign Exchange Management Act, 1999; applicable exclusively to Participants using Cards and UPI for domestic transactions.
Correct answer
Issued under the Payment and Settlement Systems Act, 2007; applicable to Payment System Providers and Participants using Cards, UPI, and Prepaid Payment Instruments.
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