Banking · Digital Banking and Payment Systems
Union Bank's customer, Mr. Rishi, attempts to withdraw ₹15,000 from his savings account using his Debit Card at an ICICI Bank ATM. The withdrawal fails due to a communication error between the ATM's host system and the bank's host, but Mr. Rishi receives an SMS alert saying the amount has been debited. Which of the following statements correctly identifies the interoperable network that facilitated this attempted transaction, the regulatory body responsible for this network, and the key benefit that this network provides?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Interoperable Network: National Financial Switch (NFS); Regulatory Body: NPCI (National Payments Corporation of India); Key Benefit: Seamless Interbank ATM Transactions.✓
- 2Interoperable Network: IMPS; Regulatory Body: Ministry of Finance; Key Benefit: Immediate Fund Transfer.
- 3Interoperable Network: SWIFT; Regulatory Body: NPCI; Key Benefit: Cross-Border Remittance.
- 4Interoperable Network: RTGS; Regulatory Body: Reserve Bank of India (RBI); Key Benefit: Real-Time Gross Settlement.
Correct answer
Interoperable Network: National Financial Switch (NFS); Regulatory Body: NPCI (National Payments Corporation of India); Key Benefit: Seamless Interbank ATM Transactions.
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