Vol.(12) 2026: IBPS’ Bank Law Officer Entrance/ Promotion Exam- (1-Liners: PSS Act, 2007)

Date of Upload:19.10.2026

1. The Payment and Settlement Systems Act, 2007 (PSSA, 2007) came into force on which date?—12- August- 2007.
2. The territorial jurisdiction of PSSA, 2007 is—Whole of India.
3. Under the PSSA, 2007, who is the “Designated Authority” to regulate and supervise payment systems in India?—The Reserve Bank of India (RBI).
4. For the purpose of PSSA, 2007, the RBI is authorized to constitute a committee of its “Central Board”. Such committee is known as—Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).
5. The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) is also known as?—The Payments Regulatory Board.
6. Who is the Chairperson of Board for Regulation and Supervision of Payment and Settlement Systems (BPSS)—RBI Governor as Ex-officio Chairperson.
7. A financial instruments whose value is derived from “change of interest rate”, “Forex rate”, Credit rating or credit risk, price of securities etc. (also called ‘underlying’) or any other underlying or a combination of more than one of the aforesaid are called?—Derivatives.
8. Under the PSSA, 2007 which entity is authorized to approve commencement or operation of a payment systems?—Reserve Bank of India.
9. For RBI to consider authorizing a company or corporation to operate or regulate the existing clearing houses or new clearing houses of banks, in order to have a common retail clearing house system for the banks throughout the country, what percent of the equity of such company should be held by a “Public Sector Bank”?—Not Less than 51%.
10. Prior approval is required from ____before a system provider causes any change to take place in the system, which would affect the structure or the operation of the payment system—Reserve Bank of India.
11. How many days’ notice should be given to the system participants after the approval by the RBI—30-Days.
12. Any transfer of funds which is initiated by a person by way of instruction, authorization to a bank to debit or credit an account maintained with bank through electronic means is called?—Electronic Funds Transfer.
13. A payment system in which each settlement of funds or securities occurs on the basis of separate or individual instructions is called?—Gross Settlement System (GSS).
14. In Gross Settlement System (GSS) / Real Time Gross Settlement (RTGS) each transactions concludes separately and not clubbed with any other transactions—True.
15. A person who issues a Legal Entity Identifies (LEI) or such other unique identification is called?—Issuer.
16. A unique identity code assigned to a person by an issuer for the purpose of identifying that a person in such derivatives or financial transaction is called?—Legal Entity Identifier.
17. The Legal Entity Identifier (LEI) is a alphanumeric code that contains how many characters?—20-Character.
18. Under PSSA, 2007, the payment system does not include “stock exchange”—True.
19. How many members shall be nominated by the Central Govt. for Payments Regulatory Board under PSSA, 2007—3-Members.
20. Maximum number of persons in Payment Settlement Board [i.e. Board for Regulation and Supervision of Payment and Settlement Systems (BPSS)] are—6 Persons.

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