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RBI has come out with a detailed framework for the outsourcing of activities by Payment System Operators (PSOs) with a view to ensuring continuity of service. This framework is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act of which year?

RBI has come out with a detailed framework for the outsourcing of activities by Payment System Operators (PSOs) with a view to ensuring continuity of service. This framework is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act of which year? Correct Answer 2007

The correct answer is 2007.

  • The Reserve Bank of India (RBI) has come out with a detailed framework for the outsourcing of activities by Payment System Operators (PSOs) with a view to ensuring continuity of service.
  • Under the framework, PSOs will not outsource core management functions, including risk management and internal audit; compliance and decision-making functions such as determining compliance with KYC norms.
  • This framework is issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007, RBI stated.
  • RBI clarified that PSOs will not have to seek its prior approval for outsourcing.

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