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Does the Reserve Bank have powers to lay down any standards?

April 26, 2017Bank lay powers Reserve Standards

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Does the Reserve Bank have powers to lay down any standards?

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Ans. The Reserve Bank is empowered to prescribe the format of payment instructions, size and shape of instructions, timings to be maintained by payment systems, manner of funds transfer criteria for membership including continuation, termination and rejection of membership, terms and conditions for participation in the payment system etc (Section 10 of PSS Act, 2007).